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"When you get your statement at the end of the month, it's a lot easier to do that with a few accounts rather than getting several statements." Honestly assess money habits Strang says consumers should consider their own money management styles when determining which credit cards to keep. "We recommend that people have only two cards," says Tehan.
"If you are a person who pays off your balance in full every month, then the benefits of the card and annual fees become more important than APR. "If you decide that you want more, that's' entirely up to you.
Consider consolidation, debt management, bankruptcy, paring down your expenses and cutting back on entertainment." Stroh from adds more words of warning about a common mistake made by those who consolidate credit card debt: "If and when you consolidate those credit cards, please put them in a bowl of water and stick them in a freezer and do not make the common error of running those cards back up.
It is all too common that consumers pay them off, they exhale and then they go straight to the mall." To see how much you can save by transferring to a lower interest card, check out Credit Cards.com's balance transfer calculator.
"Now is the time if you are able to do balance transfers," says Jim Tehan, a spokesman for My Vesta.org, a money management website.
HELOCs had been a popular method to consolidate credit card debt prior to mid-2007.The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content.Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered."There is some value in using one or two cards to consolidate purchases," Strang says.
Reducing the number of credit cards you have helps simplify your monthly budget and financial management routine.Look and see what the final rate is after the teaser time period expires," Tehan says.