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Credit card debt

Credit card debt consolidation. How does it work?

Credit card consolidation is when you merge debts so you only have one bill to pay. You can do this by:

  • Taking out a personal or consolidation loan
  • Transferring your balances onto a low interest credit card

A debt consolidation loan is when you:

  • Pay off your creditors with money you borrow
  • Then make monthly payments to pay off the loan instead of your credit cards

These loans can actually add to your debt or take longer to pay off.

Make sure to check the:

  • Interest rate
  • Terms and conditions
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Can I consolidate my credit card debt by transferring the balance?

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

These offers are usually short-term, so make sure to:

  • Check you will not pay more than you need to once the offer expires
  • Read the terms and conditions carefully
  • Ask questions so you understand the deal
  • Check for any hidden fees, including on 0% balance transfers

How can I avoid further credit card debt?

However you choose to consolidate credit card debts, you should:

  • Always make your payments on time
  • Destroy the card so you cannot use it again

Spending more on the card puts you at risk of building up more debt.

Should I go ahead with credit card consolidation?

Use our debt consolidation calculator to find out if this is a good choice for you.

Free and confidential debt advice can give you more options too.

Solutions for credit card debt

Debt consolidation is a risky way to cope if you cannot pay your debts.

Moving the debt from one place to another is rarely the answer.

Other ways to deal with credit card debts include:

  • Debt management plans
  • Manage your debts and pay them off
  • Pay a single monthly payment
  • Are affordable
  • Debt relief orders
  • Writes off your debts
  • Must have a relatively low level of debt
  • Must have few assets

Find out more about debt solutions.

Our online debt advice tool can find the best debt option for your situation.

We help you every step of the way.