Consolidating Credit Cards

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It's important to consolidate credit cards, especially if they have high interest rates, to one credit card and to leave the other balances at zero. Avoid getting overextended with too many credit cards with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial advisor, Patrick Munro talking about how to consolidate credit cards. In modern society a lot of individuals start off with a retail credit card, it's their first experience from a company, which is used as a credit card only at that firm. Once you start acquiring retail credit cards you will receive offers from standard credit card companies; that being Mastercard, Visa, American Express, and Discover. Therein lies the trap. If you have good credit you'll get a lot of these offers, and if you take advantage of all of them pretty soon you're carrying a lot of plastic in your wallet. The possibility of getting overextended in that situation is very real, so it's important to consolidate credit card debt where possible, and take balances that you have on these higher interest rate credit cards and put them over onto a credit card, one alone, and leave the balances on the others to zero. This is easier to achieve than done. If you've maxed out all your credit cards that can be difficult to do, but always be mindful consolidation is the best way to go. This is Patrick Munro, talking about consolidation of credit card.

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