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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Credit Card Balance Transfers Checklist

(June 5th, 2007)

If you would like to transfer your credit card debt from one card to another (also known as credit card balance transfer) but do not know how to go about it, use the following checklist to help you make a smooth transition without having to pay any hefty fees or interest. Firstly, get a copy of your old credit card's most recent bill and agreement, as well as the new credit card's agreement form. Note down the following items:

Old Credit Card
Toll Free Customer Service #:
Account #:
Principal Balance:
Annual Percentage Rate (APR):
Grace Period (days):
Due Date:

New Credit Card
Toll Free Customer Service #:
Account #:
Principal Balance:
Introductory APR:
Date Intro APR Rate Expires:
Date Balance Transfer APR Expires:
Fees for Balance Transfer:
Annual Fee:
Grace Period:
Due Date:

Credit Card Balance Transfers Checklist

Ok now you're set. Use the following checklist, ticking each item off after completed.

Balance Transfer Checklist
Send minimum payment due to old company before due date.
Sign up for the new credit card.
Complete the balance transfer form.
While the balance is in transfer, continue making the minimum payments due to the old credit card.
Receive notice of balance transfer from new credit card company.
Call old credit card company to verify the transfer.
Receive statement of billings from old credit card company making sure the balance is $0.
Close the old credit card by phoning up the company or writing to them. Ask the credit card company to inform applicable Credit Bureaus that this old credit card account is now settled and closed.