Therefore, don't take a home equity loan lightly. You will save not only money but also bill-paying time by eliminating credit cards and transferring balances of those that are left to one or two credit cards with the lowest interest rates and annual fees. However, when you do consolidate your loans, don't assume more debt on your now-clear credit cards. If you don't think you can resist such temptation, cut up your cards and close the account. The easiest way to accomplish this job is by using your personal computer.
Many people find personal-finance software to be quite helpful.
With these programs you can track spending and plan budgets with the click of a mouse. It's also becoming increasing easy to use the Internet for these functions, and especially to research your credit card options. Knowing where you stand, and knowing what's going on in the credit card marketplace, will help solve many debt-related problems. The McGraw-Hill Companies Inc. All rights reserved.