Pros cons consolidating bills
Although some balance transfer credit cards offer rewards on your everyday spending, you shouldn’t use your new balance transfer credit card for purchases until you are debt-free.
Keep your balance transfer credit card in a drawer or in your freezer for safe keeping, and refrain from using any other credit cards while you’re still in debt.
As an added bonus, this card doesn’t charge any type of annual fee. Plus, you can earn between 1 to 5 percent on purchases made with the card thereafter.
The biggest disadvantage that comes with debt consolidation is that it doesn’t help anyone change their behavior in the long run.Depending on the terms of your new debt consolidation loan, you may actually extend your repayment timeline.If that’s the case, you’ll spend even more time in debt than you are spending now, plus potentially pay more interest as well.If you don’t use your time wisely and actually pay off your debt, you can end up in the same spot – with lots of debt at a high interest rate – once your introductory offer expires.Here are some steps to take if you want to take full advantage of a balance transfer offer: In addition to the two balance transfer credit cards featured in this post, there are many other top balance transfer credit cards to consider.