If You Consolidate Your Debt...

You have paid off your outstanding credit card debt by consolidating your debts into one loan or taking out a second mortgage. There are pros and cons to the way you consolidate debt, but it can help. Watch out. Once you have the new loan and all you cards paid off, rip up the cards except the one that has a decent interest rate. Keep that for emergencies only or to use for business trips if you do not have a corporate card. Never take that last credit card into a store and justify a purchase. If you buy one thing on that card, you may fall victim like so many others. Before you know it, your credit card is maxed and now you have your previous debt plus new debt. Dangerous! Better yet, get an American Express card, where you have to pay off the balance every month. That holds you accountable. Stay credit card debt free.