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Now imagine that you get a 0% introductory rate for consolidating your credit card debt.It is important to understand and investigate the company so that you know how long the introductory rate is for.Since balance transfer credit cards offer super low introductory interest rates — sometimes 0% — for a specific number of months, you can pay the entire debt off with virtually no finance fees added (though many charge a transfer fee of about 3% to 5% to absorb the debt).After the introductory period expires, the interest rate on that account will rise to the standard rate.You need to know what the rate will be after the introductory period is over. New charges will not be subject to that introductory rate.
Consolidating all of your credit card accounts can save you thousands of dollars in the long run.
Be sure that you find cards that do not have a fluctuating interest rate to stabilize yourself and start paying down your balances.
You may receive an offer for a credit card that is willing to transfer your balances over from other cards, and offer to consolidate your debt at a fixed interest rate of 4.9 percent.
If you were to consolidate your accounts, you could.
More so, consolidation may reduce the finance fees you’re currently paying and sometimes even increase your credit rating.
This helps your credit, and it enables you to handle things more efficiently.