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Manage Credit - Consolidate credit card debt

Managing credit card debts requires a careful consideration of many factors. One of the most widely accepted option is to consolidate credit card debt. The important question is - when can one consolidate credit card debt? Some of the ways one can manage credit card debt are given below:

• Request for a credit line from the bank whose interest rate is less than the interest rates on credit cards
• In case of multiple credit cards, look for a balance transfer from one to another whose interest rates are low. This way one can free up some money which can be paid back into the credit card debt. Watch for balance transfer fees and this could be higher. If the total costs are low with balance transfer credit cards, one can get out of debts soon.
• Look for new credit cards that offer introductory low interest for 6 months or so. With this one can consolidate credit card debt into one debt for at least 6 months. Money saved during the introductory period can be used to clear more debts. Some questions that need to be asked include: How long does the introductory rate last? What is the card's annual percentage rate after the low rate expires? Does the low rate apply to transferred balances or new purchases or both? Does that card have an annual fee? Will there be late fees and over-the-limit fees?

After making a decision to consolidate credit card debt, one has to exercise extreme caution in spending. The objective should be not to get into serious credit card debt again. Ensure that your credit report and credit scores are not affected by your decision to consolidate credit card debt.