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by Zulika van Heerden
Credit card use is one of the biggest
contributing factors in the growing debt
problem today. Consumers find it easy to
overspend and purchase beyond their
means when a plastic card is all they
need to achieve some retail
gratification.
With the average South African credit
card debt per household reaching almost
R50, 000, card debt is already a very
big problem by itself.
But if you’re like most South Africans,
paying for all of your cards in one go
would probably mean starving for the
next three months or so. If making a
one-time payment is beyond your means,
you can look towards the next best thing
nowadays – debt consolidation for your
credit card debts.
Some Simple Switching
The best way to consolidate your card
debts is to look for another credit
company or card that offers a lower
interest rate or a longer time for you
to pay your bills. That way, you get the
benefit added to all your future
purchases. It’s an additional load off
your mind for when you use your card to
buy something in the future.
Companies who have policies like the one
above that give you leeway also have
other promotions to entice you to
transfer accounts. Most of the time, you
have the choice between lower interest
rates for a long period of time, no
interest for a short period of time and
other similar policies. They sure come
in handy for easing the pressure of your
creditors asking for payments due,
At the same time, switching or
transferring your account gives you the
time benefit of debt consolidation. You
get a time extension on the bills you
have to pay, both for the deadline and
for the interest-earning period.
Transferring means you have to pay less
interest and excess fees for the same
amount of time.
Pay as You Go
But don’t forget that consolidating your
debts only gives you a little more time
to pay off your debts. It doesn’t pay
off your debts for you and neither will
it keep your creditors away from your
doorstep forever. You’ll still need to
pay your bills and dues eventually.
If you’re going to do the transfer
routine more than once, make sure you
pay off some of your debt during the
time that you’re at each company. The
credit companies will see when you just
keep skipping from one account to
another without any real improvement in
the state of your debts.
Keep doing so and you just might find
yourself at a dead end, without any
credit companies willing to catch you
and with a load of debts on your hands.
Credit cards offer an enticingly
convenient method for consolidating your
debts. Not only do your debts get
consolidated but other freebies and
incentives are thrown into the equation
for you as well.
If you do decide to consolidate using a
credit card, don’t forget to do some
comparison shopping to find the best
deals on card offers. There are a lot of
offers and packages out there so you’ve
got to pick the one that suits your
needs and situation most.
For more on debt consolidation see
below
-Credit
Card Debt Secrets
-Steps
to Eliminte Credit Card Debt
-Debt
Free Living
-Lowering
Your Debt For Life
-Are
your debts keeping you awake at night?
To apply for a debt consolidation loan
you will have to fill out a short
application form. You will then receive
a FREE quote from well established,
nationally recognized lenders. You do
not need to decide now whether the debt
consolidation loan is for you.
Just apply and compare the repayments to
your current situation. There is no
obligation on your part. If you decide
that it is not for you, you simply do
not have to accept the offer. You have
nothing to lose and everything to gain.
20 Second Application
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