| August 10, 2010

Age is a factor when eliminating credit card debt

When it comes to paying off credit card debt by a balance transfer, it matters how old a consumer is.

According to a new study from Boston College’s Center for Retirement Research, adults between the ages of 35 and 44 make better financial decisions when paying down their credit card balances. The study asked consumers in five age groups – 18 to 24, 25 to 34, 35 to 44, 45 to 64 and over 65 – to identify the best strategy to lower total debt when transferring the balance from one card to a new one with a low introductory rate.

The study found that about a third of all quizzed gave the right answer, which is to continue to make purchases on the old card while paying off the debt transferred to the new one, right away. The group that provided the most “immediate eureka moments” was that of the 35- to 44-year-olds, who were right over 40 percent of the time.

Consumers who are considering a balance transfer to lower their total credit card debt should be aware that the low rates most lenders offer are introductory and expire within a few months.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

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