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Should I consolidate my credit cards?

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Author's note: Should I consolidate my credit cards?

The best advice for your individual situation may be one of these solutions or none of them; but if you're considering paring down your credit cards, there are options that may not only help you save money while you pay down those balances but help you avoid bigger financial problems later on (collection agencies, bankruptcy, etc.). And don't forget: Check your credit report once a year.

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Sources

  • Bank of America. "Is debt consolidation right for you?" (Feb. 8, 2013) http://learn.bankofamerica.com/articles/managing-credit/is-debt-consolidation-right-for-you.html
  • Cawad, Marilen. "How many credit cards is too many?" MSN Money. 2012. (Feb. 8, 2013) http://money.msn.com/credit-cards/how-many-credit-cards-is-too-many
  • CBS News MoneyWatch. "Average credit card debt per borrower inches up." 2012. (Feb. 8, 2013) http://www.cbsnews.com/8301-505145_162-57551876/average-credit-card-debt-per-borrower-inches-up/
  • Consumer Financial Protection Bureau. "Why is it important for me to review my credit report?" 2012. (Feb. 8, 2013) http://www.consumerfinance.gov/askcfpb/312/why-is-it-important-for-me-to-review-my-credit-report.html
  • Debt.org. "Credit Cards." (Feb. 8, 2013) http://www.debt.org/credit/cards/
  • Federal Trade Commission (FTC). "Deter, Detect, Defend." http://www.ftc.gov/bcp/edu/pubs/consumer/idtheft/idt06.pdf
  • Karimi, Sabah. "5 Things You Need to Know About Credit Card Balance Transfers." US News & World Report. 2012. (Feb. 8, 2013) http://money.usnews.com/money/blogs/my-money/2012/12/17/5-things-you-need-to-know-about-credit-card-balance-transfersespecially-during-the-holiday-shopping-season
  • McCune, Jenny. "Debt consolidation: cure or continued credit problems?" Bankrate.com. 2003. (Feb. 8, 2013) http://www.bankrate.com/brm/news/cc/20031007a1.asp
  • myFICO. (Feb. 8, 2013) http://www.myfico.com/
  • USA Today - Money. "If used right, credit card balance transfers can save cash." 2011. (Feb. 8, 2013) http://usatoday30.usatoday.com/money/perfi/columnist/block/story/2011-12-26/credit-card-balance-transfer-offers/52234100/1
  • Woods, Jennifer. "Debt Consolidation Has Its Pitfalls." CNBC. 2008. (Feb. 8, 2013) http://www.cnbc.com/id/26013413/Debt_Consolidation_Has_Its_Pitfalls

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