Consolidate Debt and Gain Freedom!
If you are sweating every month trying to keep up the payments on several credit cards, you are probably paying a fortune just in finance charges. By paying the minimum payments, you are barely covering the interest and this type of debt can take years to pay off. If this scenario sounds a bit familiar, it may be time to consolidate credit cards. There are several ways to do this.
First, you can take advantage of credit card offers from other banks that offer low or zero percent interest for balance transfers. This way, you have only one card and one lower payment. Some people use their home equity to secure a loan to pay off the debt. These loans typically have lower interest rates and again, one lower monthly payment. A third option is to ask your bank for an unsecured personal loan. You usually need very good credit to get one, but the lower, once-a-month payment makes it worthwhile to try.
As you can see, it is greatly beneficial to consolidate credit cards. You will save a bundle on interest and be able to pay off the debt faster. But remember: cut up the other cards as fast as you can!