Consolidating my credit cards

When you’re drowning in due dates, debt consolidation can sound like a godsend.

Your credit cards, line of credit and other loans get consolidated into a lump sum you can tackle at a lower interest rate and with a minimum payment that’s manageable.

Perhaps you were pouring too much of your income into basic expenses such as housing, car payments and living costs, and you need to evaluate ways to downgrade.

In other cases, the problem could be as simple as reducing overspending on entertainment. Track your spending on a regular basis and evaluate the differences between your needs and wants. She says she prefers to work with clients for months to gauge how serious they are about repaying their debt.

If they show that they won’t go back to spending, they’re a better candidate for debt consolidation.

Trap 2: You don’t research your options before consolidating There are multiple ways to consolidate your debt.

“By itself, debt consolidation won’t do anything for you.” Tread carefully, the experts say, or you could end up in more financial trouble.If the minimum monthly repayment amount is as low as 2% of the card balance, the interest can often exceed the amount owed.This means that simply making the minimum repayments will never be enough to pay off the credit card debt in full.Other cards on the market simply offer a standard low interest rate for the life of the credit card.See how much your debt is costing you with our repayment calculator: A quicker way of paying off your credit cards debt is to gradually increase your monthly repayments over time.

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