- The Wisdom Journal - http://www.thewisdomjournal.com/Blog -
5 Credit Consolidation Tips & Traps You Must Know
Posted By Ron On June 25, 2010 @ 5:30 AM In Credit,Debt,Guest Post,Tips & Techniques | Comments Disabled
 Recent studies have shown that credit card  debt is a major problem with Americans today. The average American has a credit card  balance of around $8,000 USD spread over several store cards and multiple credit cards. As a result of this high debt load, many people are opting for credit consolidation  to combine all of their credit card  bills into one fixed (more affordable) monthly payment.
Credit consolidation can save the average person a serious chunk of money because interest rates on credit consolidation loans are as low as 6% whereas the interest rate on credit cards  can be as high as 24%.
Although many financial institutions can provide a credit consolidation loan , there are loads of traps you should be aware of. Here are 5 credit consolidation tips and traps you must know: