Credit card debt consolidation is the transferring of balances from one card to another card with low rates or 0% interest. This type of solution can make repaying the balance easier. However, you will need to ensure that you take a very disciplined approach to debt repayments as the lure of credit card spending can be difficult to resist. Old cards must be cut up! Any new transactions must be put onto the new card. Check the terms and conditions carefully to ensure you are aware of the fixed timescales and whether interest rates will increase. It is not unusual for debts to actually increase when people try to consolidate debts via balance transfers because they continue to spend on credit cards, often spreading purchases across a number of cards.
If you are considering credit card consolidation as an option to dealing with your debt problems make sure you explore: How long the promotional rates are available. What the interest rates / APR will be when the promotional rate ends.
Before you consider any course of action to consolidate your borrowings, please seek advice from TC Debt Solutions based in Dunfermline, Fife for impartial advice, confidential advice, free advice. Too often we see clients who have increased what they owe, that they have to repay over an extended repayment period, without it being necessary. If your credit card debts are spiralling out of control, we recommend you choose a more effective debt management solution.