Is Credit Card Consolidation The Answer

Is Credit Card Consolidation The Answer?

Hey People... Its Credit Card Consolidation Time Again!
Credit Card Consolidation has literally become a buzzword in the debt industry. As more Americans find themselves reeling in credit card debt and other loans, many people are asking, “Is consolidating my credit cards the answer?” The truthful answer is; it depends on you! Some people are great candidates for credit card consolidation. With others, this method of debt solution will only serve to put them further in debt. The caveat is straightforward; first, perform a self-analysis of your financial health and then check out what consolidation companies have to offer.

Is Credit Card Consolidation The Answer For You?
Let me state right up front, credit card consolidation IS NOT for everyone! Usually when people hear me make that statement, some retort with, “What do you mean? Why wouldn’t it be?” It wouldn’t be a good thing for a person who is out of control financially. People who have a hard time controlling their spending habits only go deeper into debt with credit card consolidation and here’s how.

How To Create a Credit Card Consolidation Nightmare
Let’s use a common scenario as an example. We’ll call our test subject, Shelia. Shelia currently has nine credit cards, all with balances. She’s decided that she wants to consolidate her cards to reduce her monthly payments. Currently her combined interest rate is an alarming 21%! The good news, she’s never been late on any payment; therefore her FICO score is great.

The Credit Card Consolidation Teaser Rate
While searching online, Shelia finds a credit card company with a 0% teaser rate. No balance transfer fees and they will happily consolidate all of her credit cards into one. Shelia knows this doesn’t take a rocket scientist to figure out. She eagerly transfers all of her debt to the new card and bod-a-bing, she’s set. Or, is she! Instead of making nine different payments every month, Shelia is now only making one. In addition, the amounts of her overall payments have also decreased. But as you are about to find out, credit card consolidation has become Shelia’s worst enemy.

Warning; Here Comes Danger…
Clearly, with nine credit cards, Shelia didn’t have a handle on her spending, debts or overall finances. And it didn’t take long before she began racking up new charges on her old credit cards. It took her a little under seven months to get all of her nine credit cards maxed out, once again. The big bang came during the months of November and December of 2008. Shelia just couldn’t resist those sales! She ended up buying a new laptop, a flat panel TV and a sundry of shoes, clothes, furniture and jewelry. By the time she was all said and done, Shelia had unwittingly doubled her debt load.

Credit Card Consolidation May Not Be The Answer
As you can see, for individuals like Shelia, credit card consolidation is not the answer unless they are willing to cut up the previous credit cards and close those accounts. This is a common mistake made by those who consolidate credit card debt. They turn right around and start adding new debt to the cards they just transferred balances from. It’s a harmful cycle that will eventually backfire.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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