Tips for consolidating credit card debt
Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.
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One way to consolidate debt that isn’t for everyone is implementing a debt management plan.
This route is typically for people who don’t necessarily have significant debt, but rather are struggling with high interest rates.
You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.
Before you choose a debt consolidation loan, think about anything that might happen in the future which could stop you keeping up with repayments.
The ultimate goal is to pay a lower interest rate and combine your debt to one single payment.
If you can find an APR that’s lower than what you’re paying on your cards, a balance transfer might be the route for you to take.
One benefit to transferring your balances to one card is that you only have to worry about one payment per month instead of several.
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