Top 3 Shocking Revelations and Misconceptions About Credit Card Debt Advice - Listen Up!

When it comes to credit card debt advice there are a lot of misconception out there.

Canceling Credit Cards

Take for example people canceling their cards. Some people feel that if they cancel their cards they would be much better off. This is a wrong thing to do. Once you close your credit cards the average age of your credit record lowers and your credit score tanks along with that.

Filing Bankruptcy

Another misconception when it comes to credit card debt advice is the idea that filing for bankruptcy will destroy your credit forever. This is definitely not true. Actually some people may attain better credit scores 2 to 3 years after filing bankruptcy. The reason why this happens is because of the lower debt ratio on their credit card balance. Sure you have the bankruptcy mark on your credit record for some time but most lenders would be more than happy to lend you some money if you've kept a decent history after you filed.

Consolidating Debt

Another common misconceptions is the fears that some people have with credit card debt consolidation. Some people are just not aware of the advantages that comes with consolidating their credit card debt. Consolidation does not damage your credit score like how bankruptcy does. In fact you can save thousands of dollars because you consolidated all your interest payments into one. Carrying one credit balance with 15% interest is a lot better than carrying 10 credit cards with 10% interest each. That's a lot of money you get to keep in your pockets now.

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