Tips on consolidating debt
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Having a hard time keeping tab on all those monthly payments?
That's if your credit card has a large enough credit limit.
A low credit limit doesn't have to stop you from doing a balance transfer.
When you have balances on several different credit cards, paying them off can be a long, challenging process.
It's hard to make progress paying off your debt when you have to split your payments between say, seven different accounts.
Review your statements and work out the following: Step 2: Work out how much you can put towards paying off your debt each month Next, it’s good to know where your money is going and how much you have coming in.You can transfer just one or two of your highest interest rate credit card balances to ease some of the debt pain.Before you consolidate debt with a balance transfer, make sure you’ll actually be saving money with the transfer.You can use our Budget Planner to work out how much you can realistically afford to repay each month.Step 3: Explore debt consolidation options Now that you know where you stand - how much debt you owe and how much you can put towards your repayments - it’s time to set up a plan to clear it.
But done incorrectly, canceling credit cards or consolidating debt can cause more harm than good. In short, don't consolidate your credit cards just to charge them all back up again.