Get organized and get out of debt
If your wallet is full of plastic and your mail is full of bills, it might be time to organize your credit cards.
Here’s how to sort through mess if you’re transferring balances to a lower-rate card.
Most people only need two or three multipurpose credit cards. To determine which cards to keep in your arsenal, examine how often you use each card and which ones require a yearly fee. Choose the cards you will keep and make sure they have high enough limits to cover your monthly charges.
After deciding which cards you are going to keep, begin by paying off the low-balance cards and closing the accounts.
Continue to make the minimum payment on your old cards until the balance transfer takes effect. This can take up to a month. To avoid mix-ups, wait until your old credit card company sends you a bill with a zero balance.
Once receiving your zero balance, go ahead and cancel your old card. You won’t need it anymore.
