Apparently this sounds a great idea. Your credit debts are compensated, and you have serenity within you. But the problem is that liability has not disappeared; it has turned in the shape of a loan now. Yes your credit card groups are no longer harassing you for imbursement, but you will still be receiving a monthly statement from the bank and you will almost certainly be obligated a larger bare minimum to them than you would on your cards. The troubles really commence to crop up when you have the loan costs and you don't stop with your credit cards. Keep away from this difficulty by paying off your cards without getting support from the bank.

No 5 Mistake (Not to do): Time and again you pay the minimum balance

When you decide to compensate the least balance on your credit cards, the credit card companies pick the profit. At standard interest rates of 15% - 20%, companies are gathering in millions on your unpaid costs and due balance. It is comprehensible that you may not be clever enough to pay off the whole sum in one recompense, but always strive to pay as much as you can to bind the interest you will pay in the upcoming days.

For previous two parts check Part 1 & Part 2