Credit card consolidation has been catching on as a popular and smart way for consumers to reduce their debt levels. The way that consolidation works is like this: you obtain a new with a nice size credit line and then transfer many of your outstanding loan balances over to the new card. Instead of paying 17.9%, 21.6%, or even 24% or more on balances, a new low interest rate can allow you to reduce your monthly payments and pay down your debt faster. Please keep reading for examples on how you can take charge of your debt.
Out with the old, in with the new
Much of the debt owed by consumers is through credit cards. If you have 1, 2, 3, or more cards, you probably are paying high interest rates on several of your outstanding balances. Your JC Penney, Macys, even your regular Visa or MasterCard can be charging you interest rates in excess of 20%! You can get out from underneath these burdens by selecting a new card with a low APR and transferring your balances over. In effect, you
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