Debt Consolidation Blog

A popular strategy for keeping credit card rates low, is to sign up for new cards with low introductory rates and switch to a new card each time the introductory rate is over. While it is important to note that this isn’t a long term viable debt management strategy, it is a way you can save money on interest that you can use to pay down your principle.

Make sure you read the fine print before trying this. Some banks offer low introductory rates only on new purchases, so your balance transfers may not be eligible for the lower rate. There may be other stipulations as well. If you look carefully you should be able to find a deal that works to your benefit, but make sure you keep track of when the intro rate expires.

Once again this strategy is only a temporary fix. It shouldn’t be part of your long term plan, but if you are able to take $5000 of debt and move it from a 22% loan to a 5% loan, you can save quite a bit of money. Just make sure that the savings is allowing you to work your way out of debt instead of letting you go in deeper.

This technique is a kind of short term do-it-yourself debt consolidation loan and can be especially useful if you have a plan for paying of your loans quickly