Handling Credit Card Debt Tampa FL

Handling credit card debt takes a lot of work. This article explains credit card debt.

Local Companies

Transworld Systems/John Patrick
(813) 286-2543
5601 Mariner Street Suite 475
Clearwater, FL
Merchant Services
(727) 709-4863
1215 Fern Terrace Drive
Clearwater, FL
Eastern Financial Florida Credit Union
(813) 818-2601
3705 Tampa Rd. Unit 10
Clearwater, FL
Debt Management Center Inc
727-576-0505
8601 4th St N
St. Petersburg, FL
Vanguard Payment Systems, Inc.
(727) 723-0701
28100 US 19 N. Ste. 411
Clearwater, FL
National Foundation for Debt Management
(727) 584-6667
14104 58th Street N.
Clearwater, FL
Kvis Financial Services LLC
727-525-2000
4773 58th Ave N
St. Petersburg, FL
Consumer Credit Counseling
727-898-2712
821 1st Ave N
St. Petersburg, FL
Homeowner Counseling Service
727-796-0800
146 2nd St N
St. Petersburg, FL
Saint Petersburg Credit Card Debt Consolidation
727-498-0988
200 2nd Ave S
St. Petersburg, FL

Benefits

Credit card debt consolidation lowers your monthly payments, which means that you will be paying out less each month than you have been. This is great news for those people with high monthly bills. You will have more access to cash and be able to apply that money either to the principle of our debt or to other needs.

The American Express credit card would be the only card you carry. So you would receive only one statement each month. If you are paying forty dollars on three credit cards right now, then you pay a total of one hundred and twenty dollars each month. A lot of that money goes to pay off the interest you are accruing on each card. So the principle balance keeps growing. When you transfer your balances to American Express, you are only responsible for the one payment each month. If this payment were forty dollars, for example, you would have freed up eighty dollars. Using this eighty dollars to pay on the American Express bill and therefore on the principle balances of your other cards is advisable, but not necessary.

Your credit card debt will disappear a lot faster if it is not accruing interest and growing in size each month. With the American Express card, the credit card interest is suspended for six months, offering you a grace period in which to catch up with your bills. You will also receive no interest on any other credit card purchases you make in the initial interest free time period.

In addition, by transferring your debt to an American Express credit card, you will get a better interest rate. The basic American Express credit card offers an interest rate of 4.99% on your balance transfers. This low rate takes effect after the six month trial period ends. It also lasts for the life of the card, meaning that it is a fixed credit card interest rate.

Drawbacks

There are some drawbacks to transferring credit card debt onto one card with an interest free trial period. You must remember that the interest will go up after the trial period is up. Be prepared to pay on the interest you accrue and have your debt disappear at a slower rate once the interest sets in. For purchases, your interest rate will continue to climb if you are late with payments or go over your credit limit.

About the Author:

Thomas Ohlum is the owner of http://www.find-solid-credit.com a website providing information about credit card offers and finance aspects to consider when applying for a credit card.


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Featured Local Company

Transworld Systems/John Patrick

(813) 286-2543
5601 Mariner Street Suite 475
Clearwater, FL