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Benefits of Credit Card Debt Consolidation
Benefits of Credit Card Debt Consolidation
Credit card debt consolidation’ means the process of consolidating debt held on various high APR credit cards onto just one low APR credit card. Thus, you get to reduce your APR and hence your credit card debt growth rate will also reduce.
chennai,
tamil nadu,
India
(pr4links.com)
11/03/2011
Benefits of Credit Card Debt Consolidation
‘Credit card debt consolodation’ is the most popular phrase in the credit card world. We must agree that credit cards have been the most useful and convenient for all the users of credit cards and to most of us, credit cards are a necessity. Still, there is always some evil with something that is good. In the credit card world, ‘Credit card debt’ is called as the evil and ‘Credit card debt consolidation’ is the goodness associated with a credit card.
If you have the habit of reading newspapers, there are more chances of your knowing what ‘Credit card debt’ and ‘credit card debt consolidation’ mean. It is also possible that you do not know what these two terms mean and so, ‘Credit card debt consolidation’ means the process of consolidating debt held on various high APR credit cards onto just one low APR credit card. Thus, you get to reduce your APR and hence your credit card debt growth rate will also reduce.
This is arguably the most benefiting option or in fact the only one benefit from credit card debt consolidation. Credit card debt consolidation carries some more benefits along with this. Credit card debt consolidation benefits are used to publicize the credit cards by suppliers and some not much at all:
1. 1.Initial APR: As aforementioned, lower APR is the best of the benefits from credit card debt consolidation. As credit card debt consolidation is used for marketing purposes, you may also get a 0% APR for about the first 6-9 months of taking their ‘credit card debt consolidation programme’. This means to say that this is applicable for the first few months after signing for the credit card.
2. 1.Standard APR: Lower standard APR is also called as the long term APR which can qualify to be the second most important benefit of ‘credit card debt consolidation’. Lower standard APR with credit card debt consolidation may not be provided by all the suppliers but some of the suppliers come up with good standard APR in their credit card debt consolidation programmes. This credit card debt consolidation programmes gives you a trade-off between the initial and standard APR rates.
3. 1.0% on purchases: This is the third most common benefit of credit card debt consolidation. This 0% interest or some least percentage on purchases is as an incentive for credit card debt consolidation. But such an offer is meant only for the initial periods or a short period of time.
4. 1.Credit Card management: This credit card debt consolidation benefit is not similar to that of the others. The key benefit of credit card debt consolidation from many to one credit card is that you can simply go on with managing and maintaining very few credit cards.
5. Other benefits: The credit card debt consolidation exercise benefits you by providing rebates, discounts and reward points.
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