Debt Consolidation for Credit Cards
Hopefully you read our prior blog titled “Debt Consolidation for Homeowners.” If you have several credit cards that you have not been able to pay in full, you may want to consider consolidating them. Because there are so many credit card issuers out there, your card issuer may be willing to work with you in order to keep you as a customer.
If you call and ask a customer service representative for a better deal, be sure to ask if they are offering a special rate on any new balances that are transferred to their card. You should also ask if they offer a reduced interest rate for new purchases and if they will waive their annual fee. It never hurts to ask – all they can do is say no and you haven’t lost anything.
Using your credit card to consolidate your debt is fairly simple. It requires a few telephone calls. Additionally, you don’t have anything to lose by exploring this option. In fact, you could end up saving yourself a substantial amount of money over time.
The downside to credit card consolidation is that you must have a decent payment record for it to work. Your lender will look to see your past history before the transfer will be approved. You may also want to consider applying for a low interest rate credit card instead of consolidating your debt. Although this process is more of a hassle, it could work better for you.
It is important that you do not apply for numerous credit cards at one time because this can damage your credit score. You should also make sure you understand how the credit card’s interest rate works. Many times a low introductory rate is offered, but it is only applicable for a limited amount of time.
Take the first step to resolving your debt problems today by contacting us for a FREE initial consultation. The attorneys at Fitzgerald Campbell represent debtors all over the State of California in debt settlement, collections harassment and credit card lawsuits. If you have a matter relating to a debt you owe, contact us today by calling 855-709-5788 for a consultation.