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Consolidate Your Credit Cards – Lower Your Monthly Payments
By Christopehr M Luck
If you’re like most North American people today, you go through life carrying a fair amount of credit
card debt. And if you’re like most North American people, you’re okay with that. $100 per month in
repayments is fine, even if you’re paying that much on three different cards. It’s doable – you can
afford it, if you have to. But here’s the thing – if you consolidate your credit card debt, you don’t have
to.
Do the math with me here: You have a Mastercard, a Visa, a Discover card and an American Express.
Let’s say with each of them you’re supposed to pay 12% interest per year, (which would be generous –
many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your
balance that has to be paid back each month. Assuming you owe $2000 on each card, that’s a $40
minimum payment on each card, or $120 per month – before interest is even factored into your
repayment equation. But if you’re paying back $40 per month on a card that you owe $2000 on which
charges 12% interest per year, you’re paying $280 – or over half your repayments – in nothing more
than interest!
Now consider the options when you consolidate your credit card. First of all, you could take out a new
credit card and put the balance of all those other credit cards on it. Meaning, you take the debt from
your Visa, Mastercard, Discover and AmEx, and you pay it all off using your new card.
Because most credit card offers will allow you to ‘transfer your balance’ from