Credit card debt consolidation is a phrase that you will have come across many times. There are thousands of sites with recommendations on credit card debt consolidation. Every now and then your daily newspaper will also contain an article or recommendations regarding credit card debt consolidation. TV stations host discussions on the subject of credit card debt consolidation. Also, there are many consultants and companies that give professional instruction on credit card debt consolidation. OK, what is this "Credit Card Debt Consolidation" that everyone is speaking about? Why is it such an significant issue?

"Credit card debt consolidation" refers to consolidation of the debt on assorted credit cards into a single credit card (or one or two credit cards). Typically, you transfer balances from a higher APR credit card to a lower APR card. You could ask 'why?' If you look into how the devilish cycle of credit card debt works, you will straightaway appreciate the reason behind it. Credit card debt grows in 2 ways. One is because of the addition of new debt from recent 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 coming from your purchases with credit cards but the second one is thanks to interest charges which are calculated on the basis of the interest rate or the APR applicable to your credit card. So a lower APR rate means that your credit card debt will grow at a much slower rate and therefore switching over to a card with lower APR makes excellent sense.

The method 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 tempting by the credit card banks by including assorted 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 firms is 0% interest on balance transfers (or credit card debt consolidation). This 0% APR is usually applicable for a short period of time i.e. 3-6 months, after which the everyday APR is applicable. Other credit card debt consolidation offers encompass 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 sound and meaningful.

Credit card debt consolidation looks like a good way of tackling the dilemma of credit card debt and that is the reason why there is so much of discussion on the subject of credit card debt consolidation.

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