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.
If you have a persistent credit card debt, please consider all of your options and get free and confidential debt advice before committing to something like debt consolidation.