Thinking about get out of debt ?

Credit card debt is often a result of costly food and grocery purchasing habits
Here's how to tell when you're too deep in credit card debt: if 15% or more of your monthly income goes to pay your credit card bills, you've triggered one of the many warning signs that your credit card debt is out of control. There are other triggers, too: paying the monthly payments on one...
Credit card debt is often a result of costly food and grocery purchasing habits
Here's how to tell when you're too deep in credit card debt: if 15% or more of your monthly income goes to pay your credit card bills, you've triggered one of the many warning signs that your credit card debt is out of control. There are other triggers, too: paying the monthly payments on one...
Credit card debt rises yet again, personal bankruptcy matches pattern of federal spending
The article entitled Credit card debt rises yet again, personal bankruptcy matches pattern of federal spending has been moved to http://www.Counterthink.org/000089.html
Some debt counseling non-profits are just looking to make a buck
The article entitled Some debt counseling non-profits are just looking to make a buck has been moved to http://www.Counterthink.org/000071.html

0% interest rate offer only stands provided you do not miss any payment dates. In the event that you miss a payment date, even if it is only by 24 hours, and you lose the promotional 0% interest rate and are forever charged the credit card company's standard interest rate thereafter.

Another factor that you need to consider with regard to interest is: most credit card consolidation offers come with the 0% interest promotional offer attached only to either the portion of you consolidate to the new card, or on any new that you create after you have the new card, but rarely to both. Before you agree to the credit card consolidation, make sure that the promotional 0% interest rate applies to both the balance you transfer and the new you incur during the promotional period.

2. Credit rating
Although it may seem like a good idea to extinguish an old credit card if a better offer comes along, one downside with this is you also extinguish the records of one of your oldest credit histories. So, provided you have always made the minimum repayment and have not had any major problems with the credit card you are going to discard as part of the credit card consolidation, you have just voided your oldest record with the credit rating agencies. This can have a profound effect on your credit rating if subsequent you have arranged has not been as well managed as the credit card you are discarding.

3. No transfer option
Having agreed to the credit card consolidation you may find you are later approached by another credit card provider offering you the same terms as the previous credit card consolidation offer, but for a prolonged period. You may now wish to transfer your credit balance and consolidate this to a new account. However, be careful as most credit card companies have caught on to this trick and will now charge you a fee if you wish to transfer your balance off their account for the purposes of consolidating it with another!

There are certainly advantages to credit card consolidation. Likewise there are disadvantages to it.