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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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