Credit Card Debt Consolidation

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The benefits from Credit card debt consolidation

‘Credit card debt consolidation’ seems to be the most talked - about term in the world of credit cards. It’s true that credit cards have been very useful and convenient for us besides we, in fact, treat the credit cards as a necessity. However, with every good you have evil too. In the world of credit cards, ‘Credit card debt’ is that evil and ‘Credit card debt consolodation’ is often regarded as a medicine for treating credit card debt.



Anyone who has read any comic book articles on ‘Credit card debt’ would already know what credit card debt consolodation is. However, just for the benefit of others, credit card debt consolodation, in simple terms, is the process of consolidating debt which you hold on various high APR credit cards onto scrupulous one blue APR credit card. Thus, the main welfare of credit card debt consolodation is realised in terms of APR reduction ( and hence reduction in credit card debt growth rate ). This is touted as the enormously important benefit ( and sometimes the sole benefit ) from credit card debt consolodation. However, credit card debt consolodation comes with few massed benefits as beefy. Some of these credit card debt consolodation benefits are widely publicised by the credit card suppliers and some not so much:

1. Initial APR: As mentioned above, lower APR is the biggest benefit from credit card debt consolodation. Since credit card debt consolodation is used by credit card suppliers as a tool to trail consumers, they generally submission a 0 % APR whereas a initial period of 6 - 9 months of you joining their credit card debt consolodation programme i.

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e. first few months after you get the new credit card.

2. Standard APR: Lower universal APR ( i. e. the long term APR ) is the other smash benefit from credit card debt consolodation. Though not all credit card suppliers proposition a lower standard APR with credit card debt consolodation some do design credit card debt consolodation programmes with good standard APR. These credit card debt consolodation programmes offer a trade - off between initial and standard APR rates.

3. 0 % on purchases: This is another natural benefit from credit card debt consolodation. The 0 % interest ( or some lower percentage ) on purchases is offered as an incentive for credit card debt consolodation. This credit card debt consolodation benefit is again applicable only for a short initial period.

4. Easy management: This credit card debt consolodation benefit is not as discussed as others. However, one benefit of credit card debt consolodation ( from multiple to unrelated credit card ) is the fact that you need to track and manage a lesser number of credit cards.

5. Other benefits: The credit card debt consolodation exercise might bring you some increased benefits reputation terms of rebates, discounts besides reward points ( especially if you move to a co - branded card as part of credit card debt consolodation )
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