Debt Reduction By Credit Card Consolidation
When it comes to credit card debt, if you can, you should combine all of your credit
card debts. This simply entails moving the balance from all your high interest credit
cards and store cards onto one lower interest rate card, combining your debts into
one manageable amount.
For example, if you have a large balance on each of your credit or store cards with
interest rates that range from 10% to 29%, and you move the balances to a new card
with a interest rate of 6% you will soon pay off the whole debt as less is going
into the lenders pockets.
But, to make this really work you must destroy all of your old credit and store
cards. Don’t even think about keeping them “for a rainy day”. Cut them up before
you get back in the same financial position that you were in.