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Credit card debt

Consolidating credit card debt

When you consolidate your debts, you replace several debts with one larger loan. One method of consolidating credit card debt is to transfer the balances of multiple credit cards to a new one.

Credit card providers sometimes offer low introductory interest rates or special deals on balance transfers, meaning you might end up paying less.

However, these offers are usually for a limited time period so it's important to look closely at the details and make sure you won't be paying more than you need to once the offer expires, making you worse off.

It's also essential that you read the terms and conditions of any offers carefully to ensure you're getting as good a deal as you think you are, and watch out for additional fees.

If you move your debt to make it easier to pay back, it's very important that you don’t spend any more on the card. if you do keep spending your situation will get worse, rather than better.

Should I consolidate my credit card debt?

You can also consolidate your credit card debt by taking out a personal or consolidation loan to pay off your credit card balances. Again, be careful to check the interest rate and terms and conditions to make sure you won’t be adding to your debt, or paying it back over a much longer period of time.

Use our debt consolidation calculator to find out if this is an option that suits your situation.

If you take out a loan, always repay the credit card debt and destroy the card so that you're not tempted into using it again. If you do keep spending on the card, you risk taking your debt back up to the maximum limit and, in effect, doubling the original debt.

Credit card debt solutions

Always remember that if you have financial problems, you're very unlikely to solve them by debt consolidation. Moving the debt from one place to another is rarely the answer if you cannot afford to pay off your debts.

We strongly recommend you get expert debt advice before consolidating your credit card debt. StepChange Debt Remedy, our online debt advice tool, can identify the best debt solution for your personal circumstances, and we can help you every step of the way.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2017