Connect with us

Top News

Traps to Avoid When Consolidating Credit Card Debt



Imagine you’re standing on one side of a drawbridge and on the other side awaits your destination. Between where you are and where you want to be hangs a bridge. The path looks pretty straightforward from here, but you soon find out not every board in the bridge is equally as strong. Getting across will require avoiding the weak spots and keeping an eye out for possible obstacles ahead so you can stay surefooted enough to reach the other side.

If this is a metaphor, then credit card consolidation is the drawbridge — the path that can get you safely to the other side (freedom from credit card debt) but also can cause some missteps if you’re not careful on the journey.

Here are three major traps to avoid when consolidating credit card debt.

Trap #1: Inadvertently Increasing Your Interest Charges

Put simply, going through the consolidation process only to end up paying more interest as a result is counterproductive to your goals.

How can this happen? The two factors that determine whether it’s worthwhile to consolidate using a loan are the interest rate you can get and the loan term — like 12 percent APR on a five-year loan, etc. This will allow you to calculate the interest charges you’ll pay if you take on said loan. Then you can compare these charges to how much you’d pay in interest if you didn’t consolidate. Whichever one is less costly is usually the better plan of attack.

The key to avoiding this pitfall is considering the length of the loan in addition to the interest rate when figure out whether it’s a good deal. If you’re no fan of numbers, try using a free plug-and-play consolidation calculator.

See also  The Centro Português de Caracas hosts its first pandemic-related cultural event - DNOTICIAS.PT

Trap #2: Going with the First Lender You Find

One of the most important credit card debt consolidation tips is also the simplest: Shop around, just like you (hopefully) would before buying a car, house or appliance. Knowing your options gives you power to choose the best fit for you rather than taking the first offer that comes your way.

Potential sources of consolidation loans include credit unions, banks and online lending companies. According to Bankrate, the most important factors to compare are:

  • Estimated APR
  • Loan term
  • Minimum and maximum loan amount
  • Credit and/or earnings requirements

You will find yourself able to prequalify for more options and receive lower APR quotes with good credit, but there are lenders out there specializing in bad-credit consolidation as well. A little research goes a long way toward helping you know what to expect from various lenders so you can narrow down your pool, apply and choose the strongest option.

Trap #3: Adding New Debt to Your Existing Debts

Debt consolidation isn’t just something you sign up for and basically forget about until it’s over; it’s a major decision that requires some behavior changes. As one financial counselor mentions for Money, people often need to seek out debt consolidation after their spending gets out of control. This means addressing the root issue is necessary to sustain change and stay out of debt.

If you take on a debt consolidation loan to wipe out your credit card debt, but then end up reloading debt onto those credit cards based on your old spending habits, you’ll be worse off than when you started. Budgeting is a must, and you may even find it beneficial to meet with a professional like a credit counselor for additional tips on staying out of debt.

See also  The FBI says Bubba Wallace is not a target of racial crime

Avoiding these traps goes a long way toward making your consolidation journey smooth and successful.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

More about

#History of Bermuda #A photo #Portuguese

Model: Everybody, Entertainment, Movies/Movies, History, News

Continue Reading

Top News






This is a fact or event of journalistic interest. This may be new or recent information. This also applies to the novelty of an already known situation.


Mostly original text. Expresses the opinion of the author, but not necessarily the opinion of the newspaper. It can be written by journalists or specialists from different fields.


A report that contains unknown facts or episodes with a pronounced denunciatory content. This requires special methods and resources.

Content commerce

Editorial content that offers the reader conditions for making purchases.


This is the interpretation of the news, taking into account information that goes beyond the facts told. It uses data, brings events and scenario forecasts, as well as past contexts.


Analytical text translating the official position of the vehicle in relation to the facts covered.


This is an institutional article on a topic of interest to the company sponsoring the report.

fact checking

Content that confirms the accuracy and authenticity of the disclosed information or facts.


This is an article that brings subsidies, historical data and relevant information to help understand a fact or news.


An exciting report that details the various aspects and developments of this topic. It brings data, statistics, historical context, as well as stories of characters that are affected by or directly related to the topic in question.


A text with detailed analysis and opinions on products, services and works of art in a wide variety of fields such as literature, music, film and visual arts.

Continue Reading

Top News

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

See also  Brasileirão explores the Portuguese vein | Football

Continue Reading