How to Consolidate Credit Card Bills

You have many credit cards with varying amounts of money due on each. Each month that you pay your bills, it seems that you are never getting out of debt. You want to get those bills paid and be able to survive on a decent amount of money, think about consolidating them into one larger, more manageable account

Things You'll Need

• credit card debts

Instructions

How to Consolidate Credit Card Debt

1. Gather all your credit cards and document how much money you owe on each of them.

2. Determine which card has an available balance. Many credit card companies will allow you to transfer over an outstanding balance from one card to another with a lower interest rate.

3. Consolidate the lower balances onto a card that has a larger credit limit. By moving the smaller amounts onto one card you are eliminating a bill. As you consolidate the lower credit cards to one card you will be able to close out the card that no longer has a balance

4. Pay your bill on time. You will be able to pay more on the debt you owe when you do not have to divide your money just to meet the minimum payment due. The more that you are able to pay on the bill the quicker you will be able to pay it off

5. Close out and cancel the credit cards as they are paid off. By reducing your open credit cards, you are improving your credit rating, and enhancing the availability for an increase in your line of credit. With an increase in the line of credit you can include any of the other credit cards or small loans that you still may have remaining open.

Tips & Warnings

• Work with determination to eliminate your debts. As you eliminate a card close and cancel it, you will be improving your credit rating with each closed account.

• Do not be lured back to your old habits of charging, save for what you want and pay cash whenever possible