Financial Planning Is A Good Choice
If you have several credit cards and have found that making just the monthly payment to be difficult then you may want to look into ways to manage your debt and learn some financial planning skills. If you want to avoid bankruptcy then you may need to try debt consolidation. One way to consolidate debt that is quite fast and easy is to transfer the balance of all of your credit cards onto another card. Many cards will give you 0% APR for six months to a year and this can help you to save money and save money that you would be paying on high interest rates. Youíll want to make sure that the sum of all your balances will fit on the new card. If the new card jumps into a very high interest APR it might not be worth it if you canít pay your whole debt off by that time.
Do some math and figure out what works for you. When you do the math on your debt youíll want to see how long the credit card offers this great 0% APR offer. It can vary a lot from card to card so youíll wan to read all the fine print and make sure you know exactly what you are getting into before you sign up for anything. Sometimes you will be able to pay off your debt within the time period for the 0% APR, but sometimes it might take you much longer to pay off the debt. If this is the case you must really watch how you transfer your money because it may not be worth it.
Youíll want to make sure you donít get in a situation that you canít out of once all your credit card balances are on one card. A high interest rate payment in a year or even six months could wreck your whole debt free plan. Being prudent in the whole process will help you to better manage your money and learn good financial planning. This is not the only solution and there are a few other ones that you could try. You might want to ask a friend or family member for a loan and then you can pay off your credit card bills at once. You want to make sure you write all these terms down before dealing with a friend or family member and money. You could offer other services to them for their help instead of money or maybe a very low interest loan. Try a non-profit organization if you think you need more serious and professional help for your credit card debt. Go online to find the best resources around when it comes to taking care of credit card debt.
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