Credit Card Debt Consolidation

Credit Card Debt Consolidation

If your long-term goal is eliminating credit card debt, consolidating is a great option. With consolidation you can:
  • Combine the balances of multiple credit cards
  • Simplify your monthly payments
  • Lower your interest rate

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Credit card debt consolidation - pros and cons

Whether you consolidate your credit card debt with a loan or balance transfer, there are advantages and disadvantages to doing so.

Pros of consolidating credit card debt

  • Simplify debt repayment
  • Lower interest rate (especially with 0% APR balance transfer)
  • Fixed monthly payments (with loan)
  • Can improve credit

Cons of consolidating credit card debt

  • Could face fees (especially for balance transfer)
  • Need good credit or might not get lower interest rate
  • Potential balance transfer limits
  • Does not solve spending issue

Related: Is Debt Consolidation Good or Bad?