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Get the FACTS about Credit Cards...

Here is what you need to know...
   to break free of Credit Card Karma:

Credit Card Repair...
About Credit Card
   Debt Consolidation

If you have credit card problems, then the first step you need to take is... credit card debt consolidation. This is the process of consolidating - or transferring - the debts from all your various credit cards into one. The official term for this is the "balance transfer process"...

Before you do debt consolidation... here is what you need to do:

* Make sure that you have a complete and accurate list
    of ALL your credit cards.
* Where you have small balances, try and pay them off in full...
    this shows that you mean business.
* Do your homework... figure out which credit cards
    offer the best deal in the consolidation.
* Be sure to be clear about ALL the costs involved
    with the consolidation... beware of high fees.

Here is what you need to look for when evaluating debt consolidation deals:

* Fixed or Adjustable Rates: Be sure to look at the fine print...

Almost all credit cards are adjustable rates... meaning that the interest rate will rise with the marketplace and really rise as your credit rating worsens. Sometimes you can get a fixed rate in a debt package.

Yet if it is adjustable... make sure that the base rate (the rate below which interest cannot go) is as close to the prime rate as possible and... the additional rate (added to the best) is as little as possible.

* Annual Percentage Rate (APR): Be sure to look at the fine print...

If the "base" and the "additional" rate (above) are confusing concepts... relax. What you really need to watch out for in debt consolidation is the APR. The APR is the interest rate that you are really paying (it is calculated as the base plus the additional rate).

Where you want to end up in the debt consolidation... is paying the lowest "annual percentage rate!" Here is what you need to know:

* The higher the APR, the faster your debt grows,
    and the more you have to pay in total.
* Your debt increases by the annual percentage rate
    every month (calculated as a per month rate).
* Different credit cards have different APRs:
    what the APR is MUST be disclosed in the fine print.

* Lower APRs may only last for a short period (6 months):
    so be sure to check the terms carefully.
* Unless you can pay off the debt with the lower APR
    in the time allotted, it may not be the best deal.
* Be sure to compare the APRs in the short run and in the long run     to determine the best deal.

* Balance Transfer Fee: Be sure to look at the fine print...

Most companies do not charge a fee for balance transfers. Many do charge a fee. The worse your credit situation, the more credit cards you have, the more likely it is you will have to pay a fee.

These fees do vary significantly between companies. Be sure to ask if it is a flat fee (only a certain amount for all consolidations) or if it is a percentage (the higher the percentage, the more you pay).

* Terms and Conditions: Be sure to look at the fine print...

* What happens when you are late in a payment? More interest?
* What happens when you are over your credit limit? More penalties?
* What happens when you miss a payment?
* When does your agreement automatically terminate?
* What other fees are you paying on a monthly or annual basis?

* Customer Service: Be sure to look at the fine print...

Since you are not a financial services company, someone else will have to transfer the balances for you. So another consideration is the availability and helpfulness of the consolidator's customer service.

Do your homework and make sure that they are a "real" company. If you are in any doubt, contact the banking commission in your state... most of them are located in the state capital and most have websites.

If you have a poor credit rating or are up to your ears in debt, seek a debt consolidation solution. Remember your card company can change all of the above terms and conditions with 15 days notice, so be sure to read those booklets they send you!