...Before Your Credit Cards Get Cancelled! Every year, we respond the same way, like Scrooge, giving away the store to avoid the Ghost of Christmas Future. Unfortunately, if we use credit cards to buy Christmas decorations, refreshments and gifts, most us are haunted by the Ghost of Christmas Past...the past 20 Christmases, if we make the minimum payment. Since we're making payments this year on the holidays of years, even decades past, it makes sense to look at ways we can avoid using credit cards for at least this one holiday every year.
Debt-Elimination vs Consolidation:
Especially with the recent low mortgage rates, many use their home equity to consolidate and pay off their credit cards, often with lower monthly payments. Of course, this means last Christmas won't be paid off until 2035 in most cases. The sad fact is, after consolidating to lower their payments, most people go right back to charge those cards up to the maximum they can afford...or beyond. Instead of looking at how to finance another debt consolidation, let's consider the possibility of debt reduction...long-term...elimination. Add up the total of your credit card payments. If you're average, it's about $ 625 per month. One fifth of that ($ 125) is the value of things you bought, with the...

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