mortagesandforeclosures

by Frank Froggatt

'Credit card debt consolidation' seems to be the most talked-about term in the world of credit cards. Many people have actually gotten so used to the convenience of credit cards that they've actually made them a necessity.

It seems though, that with every good thing you have a bad side affects too. In the world of credit cards, 'Credit card debt' is that evil and 'Credit card debt consolidation' is often regarded as a medicine for treating credit card debt.

Anybody who isn't hiding under a rock and has read an article on credit card debt already knows what a credit card debt consolidation is. However, just for the benefit of others, credit card debt consolidation, in simple terms, is the process of consolidating debt which you hold on various high APR credit cards onto just one low APR credit card.

So when you do a credit card debt consolidation, the main benefits that you will receive from it is a reduction in your APR, which reduces your total credit card rate of growth.This is touted as the most important benefit (and sometimes the sole benefit) from credit card debt consolidation.

I am going to show you though that there are some other benefits to this as well. Many of these benefits are are touted heavily by credit card companies, but others are seldom heard of:

1. Initial APR: One of the biggest benefits, as I mentioned earlier is the lower APR that you get. Since credit card debt consolidation is used by credit card suppliers as a tool to attract consumers, they generally offer a 0% APR for an initial period of 6-9 months of you joining their credit card debt consolidation programmed i.e. first few months after you get the new credit card.

2. Standard APR: Lower standard APR (i.e. the long term APR) is the other important benefit from credit card debt consolidation. Not everyone of your suppliers of credit cards is going to offer a lower standard APR with a consolidation, but many do supply people who do credit card debt consolidation programs with a nice standard APR. These programs for debt consolidation normally offer you a trade-off between the standard APR rates and the initial rates.

3. 0% on purchases: This benefit is also a another common one for a credit card debt consolidation. These companies will offer this 0% interest rate, or just a really low rate, on purchases for an added incentive. This credit card debt consolidation benefit is again applicable only for a short initial period.

4. Easy management: You rarely hear of this debt consolidation benefit. This is just the obvious benefit that allows you to manage just a single payment instead of multiple payments.

5. Other benefits: Many credit card companies, especially ones that are co branded, will offer you incentives such as rebates, discounts, and reward points as a measure to secure your business.

About the Author:

If you are looking for a different solution to your credit card debt, you might want to look at non profit debt consolidation as an alternative. Read more at http://www.mydebtconsolidationsite.us

Get all the information and photos:: http://mortgagewide.info/a-credit-card-debt-consolidation-should-save-you-a-ton-on-your-annual-percentage-rate/