Credit card debt consolidation is a phrase that you must have come across several times. There are tens of thousands of sites with recommendations on credit card debt consolidation. Every now and then your daily newspaper will also contain an article or tips on credit card debt consolidation. TV channels host discussion panels about credit card debt consolidation. Also, there are several consultants and companies that contribute professional advice on credit card debt consolidation. So, what is this "Credit Card Debt Consolidation" that everybody is yakking about? Why is it such an significant subject?

"Credit card debt consolidation" refers to consolidation of the debt on many credit cards into a single credit card (or a couple of credit cards). Generally, you move from a much higher APR credit card to a much lower APR card. You sometimes might ask 'why?' If you look into how the beastly cycle of credit card debt works, you will immediately understand the logic behind it. Credit card debt gets bigger in two ways. One is due to the addition of new debt from current spending on your credit card and the second is due to the addition of interest charges to the existing credit card debt. The first one is because of your use of credit cards but the second one is coming from interest charges which are figured on the basis of the interest rate or the APR applicable to your credit card. Therefore a lower APR rate means that your credit card debt will grow at a much slower rate and hence switching over to a card with lower APR makes absolute sense.

The process of credit card debt consolidation is also referred to as a balance transfer (you transfer the balance or total debt from one credit card to another). Credit card debt consolidation (or balance transfer) offers are made even more attractive by the credit card firms by including different benefits with them. The easy logic behind offering these benefits is the fact that their new customer is defecting from one of their competitors. The biggest benefit offered by these credit card banks is 0% interest on balance transfers (or credit card debt consolidation). This 0% APR is generally applicable for a short period of time i.e. 3-6 months, after which the market APR is applicable. Other credit card debt consolidation offers include things like interest free purchases for a short period, reward points, etc. These credit card debt consolidation offers make the exercise of credit card debt consolidation even more logical and meaningful.

Credit card debt consolidation seems to be a useful way of tackling the quandary of credit card debt and that is the reason why there is so much of discussion on the topic of credit card debt consolidation.

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