ch month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’reIf you’re like most North American people today, you go through life carrying a fair amount of credit card debt. And if you’re like most North American people, you’re okay with that. $100 per month in repayments is fine, even if you’re paying that much on three different cards. It’s doable – you can afford it, if you have to. But here’s the thing – if you consolidate your credit card debt, you don’t have to.

Do the math with me here: You have a Mastercard, a Visa, a Discover card and an American Express. Let’s say with each of them you’re supposed to pay 12% interest per year, (which would be generous – many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your balance that has to be paid back each month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’re

0 per month in repayments is fine, even if you’re paying that much on three different cards. It’s doable – you can afford it, if you have to. But here’s the thing – if you consolidate your credit card debt, you don’t have to.

Do the math with me here: You have a Mastercard, a Visa, a Discover card and an American Express. Let’s say with each of them you’re supposed to pay 12% interest per year, (which would be generous – many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your balance that has to be paid back each month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’re

ur credit card debt, you don’t have to.

Do the math with me here: You have a Mastercard, a Visa, a Discover card and an American Express. Let’s say with each of them you’re supposed to pay 12% interest per year, (which would be generous – many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your balance that has to be paid back each month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’re

d to pay 12% interest per year, (which would be generous – many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your balance that has to be paid back each month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’rech month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’re paying back $40 per month on a card that you owe $2000 on which charges 12% interest per year, you’re paying $280 – or over half your repayments – in nothing more than interest!

Now consider the options when you consolidate your credit card. First of all, you could take out a new credit card and put the balance of all those other credit cards on it. Meaning, you take the debt from your Visa, Mastercard, Discover and AmEx, and you pay it all off using your new card.

Because most credit card offers will allow you to ‘transfer your balance’ from another card to theirs for 0% interest, you might not reduce your monthly minimum payment each month, but you will reduce your interest rate significantly, thus paying your debt off