What are the benefits of consolidating credit card debt?
Of all the reasons in favor of consolidating credit card debt the one that is most beneficial is that you should be able to get improved interest rates, saving you heaps of cash. In fact anytime you can better your existing interest rate you should consolidate credit card debt. An easy way to see if a specific deal would benefit you is to add up all the interest rates on all the cards you have, divide the sum by the number of cards to get the average interest rate and if the interest rate offered by the new consolidation deal is lower then it is certainly worthwhile consolidating your credit cards as you will definitely save money. If you have any cards that have a lower rate than the rate offered by the new card, you don’t need to include them in your consolidation. As mentioned earlier, consolidating credit card debt will actually simplify the payment f your bills as all of your credit card bills will now be rolled into just one, but you shouldn’t do this if you are not saving any mo
