Last year, Dateline NBC did a great article on debt and how credit card consolidation can help you. I thought several parts were interesting, but in particular on how confusing the information was and how the interest rates can trap you. Here is the video if you are interested, it should only take about 5 minutes to watch:


If you pay particular attention to the recording at the end, you can see even more evidence.

If you are considering credit card consolidation, the first thing you should do is to get organized. Gather all your most recent credit card statements. You are looking for three things on each card: your interest rate or APR, the total balance on the card, and the minimum payment that is due. If you cannot find this information or do not have the statement, then you can either try looking online through the card’s website or by calling the 800 number on the back of the card. *Important* I would not recommend that you mention credit card consolidation when calling the credit card companies. There is a chance they might try to lock you into their program. *Important* Make sure you speak to a debt specialist before making any major decisions with your credit card debt. If you would like to be matched with someone qualified in your location, you can fill out the form on this page or go here: www.CreditCardConsolidation.com. The consultation is free and they can help you decide which option is the best for you.

Some additional advice: Stop using your credit cards. This is one the biggest steps to consider before starting a credit card consolidation program. You cannot get out of debt if you are still pouring gasoline on the fire, so to speak. Some people try to forgo this by moving their debt from one card to the next that has a 0% interest rate. This almost always ends in disaster and it only delays the problems. Also, if your financial situation is improving, then you should always try to make at least double the minimum payment. This can get you out of debt in 75% less time and save you a ton of money in the long run.

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