Consolidating credit card payments
But with credit cards, the monthly bills on credit cards vary based on how much you owe.
Fact: Credit cards are revolving debt, meaning the payments change as your balance increases or decreases.
As a result, when you overcharge or rely too much on credit, your bills can get out of control and start to take over your budget.
You pay more and more, but never seem to get anywhere.
That can make it easier to plan ahead for debt repayment than the typical revolving payments you see with credit cards.
As for reducing your interest rates, the goal is to get the monthly interest charges down as low as possible.
This includes: The first part makes it easier to manage debt in your budget. And depending on which consolidation option you choose, you may even have fixed monthly payments.Be aware there may also be fees associated with transferring your balances; understand these fees before you apply.Fees generally range from to 3% of each balance transferred.No matter which solution you decide to use, your goal should be to achieve an interest rate that’s no higher than 11 percent.Ideally, you want the interest to be even less than that.
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That’s because even with average credit card APR, interest charges eat up more than half of every payment you make.