If you’re one of those people who require a weekly visit to the chiropractor just to recover from the bulk of credit cards in your wallet, you may also be suffering from an overload of credit card bills. And, it might be time for a credit card check-up and consolidation. Because credit scores can be negatively affected by too many balances spread across too many credit cards, it’s a good idea to take stock of all of your credit cards and their respective balances, at least once a year – or, before you apply for a major loan such as for a house or a car.
One really great strategy for doing this is to get a copy of your credit report from each of the major credit bureaus. You might find that they have cards listed as open and active that you assumed were closed and paid in full long ago. Once you have an exact idea of all of your credit cards and their balances, you’ll want to identify those with the highest interest rates and transfer those balances to a low or zero interest balance transfer card. Also, it’s important to consider this solution before your credit score is negatively affected so that you get the best rates and terms available.
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