Credit Card Consolidation Loan

People who have debts on their credit cards generally receive notice that they must "consolidate your debt." But what does this mean? Means gather debts of many cards in one or two. This consolidation can be achieved through a low-interest bank loan or through a transfer to a new credit card (for example, transferring debt from one credit card to another).

Credit Card Consolidation Loan
What you should do when you want to consolidate your credit cards? Well, the key thing to watch for is the APR, interest rate or annual percentage rate. Regardless of the method you use to consolidate your debt, the interest rate is always the key factor, in fact, you could say that is the only criterion to be taken into account. So, if you use a bank loan to consolidate debt credit card, loan interest should be less than the rate card you want deleverage. Similarly, if you are moving to another credit card, you must ensure that your new card APR is lower than that which is consolidating. However, there is a trap you must have knowledge.
Most rates advertised by companies are those that only serve the short term, that is, that after 12 months, make the interest up. When you consolidate your debt with these cards, they offer a very low APR (up 0%) for the first 6-12 months. After that period, the APR will rise. But be careful, its consolidation only be effective if the APR that will come after the 12 months less than or equal to the credit card you want to consolidate. Maybe you could check with the vendor of your credit card to see if you can lower your APR (this will rather make things easier).