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Facts about credit card debt consolidation
Too many credit cards leading to debt from various sources and causing confusion? There’s an easy way out. Just consolidate all your credit card debts into one big loan. A simple and easy method of bringing some semblance of order into your debts. Or is it?
While consolidating your credit card debt may be a good idea, you can never be sure unless you know everything there is to know. What I mean is if you think it is good for you, then go in for consolidation by all means but only after you’ve weighed the pros and cons. For instance, do you know that once you’ve consolidated, you cannot transfer your credit balance to another credit card provider who may be offering you better terms than your present one. 1031exchangearticles.com reports:
Although it may seem like a good idea to extinguish an old credit card if a better offer comes along, one downside with this is you also extinguish the records of one of your oldest credit histories.
Read more: Is Credit Card Debt Consolidation Right For You?
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