Consolidating your credit cards is easy and can improve your credit! If your bills are getting out of hand and you find yourself getting deeper into that debt abyss, it can be stopped. One option is taking out a second mortgage at a low rate of interest, using it to pay off all your credit cards. You want to try and pay as much as you're able to pay, ridding yourself of additional interest.
Depending at what stage your credit history is, another option is to take all of your credit cards and consolidate them onto the one with the lowest interest rate. Contact a reputable debt consolidation firm and talk to a customer service agent about the debts you have incurred. They will help you make a monthly payment to alleviate your credit card debt, as well as making sure you have what you need to financially get by. Some small transfer fees most likely will be applied, but what it can save you will be well worth it.
Even though you still won't make all your other debts just vanish, the good news is that you will be saving your money and you will have a budget plan working for you. Say you have anywhere from 10 -20 different cards, consolidating to one will be a lot easier to manage. And, guess what? This will all contribute to helping you repair your credit and stay out of debt.
This one card will be your absolute last resort! Immediately cut all of your other credit cards up (remember, you kept the one) and close those accounts. Please check first to see if you should close all the accounts at one time as I have recently heard this will show negative on your credit and you're better off closing one card per month till they are all closed.
All this may seem like a lot, but it really isn't. Take one small step at a time and you'll find that you have saved yourself from a debt cycle machine, to a "feel good about myself again you"!
Bio: Jake Avey has studied credit repair and debt issues and offers resources for people looking to fix their credit scores and take advantage of lower lending rates. He has helped people save money off their monthly payments and to get back on their feet. For more information, visit http://www.followmysuccess.com/creditrepair
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