You'll also want to read the fine print to know exactly how long the promotional period lasts, and have a strategy to pay it all or most of your debt during this time.Take out a personal loan Another option for credit card consolidation is to take out a personal loan.You can get a personal loan at a local credit union or financial institution as well as online.Personal loans can be a good credit card consolidation solution as it may offer a lower interest rate than your credit cards.If you want to consolidate credit card debt, you need to know the numbers. There are various options you can pursue for credit card consolidation, but the two most popular options are: Open a balance transfer card A balance transfer card allows borrowers to transfer their balances onto a new credit card, typically with a 0% interest rate for an introductory period of time.If you're able to pay off your debt within the promotional period at a 0% interest rate, you have the potential to save a lot of money on interest.Once you've decided on a credit card consolidation option, it's time to apply.
When all of your loans are paid off, it's time to pay down the new loan.Make payments each month and if possible, pay more than the minimum.If you have a balance transfer card, know the promotional period and work to pay off your balance before the period ends.It's important to note that many balance transfer cards have balance transfer fees between 3% and 5%.Before transferring a balance, calculate how much you'll spend on the fee and make sure it's worth it.
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Credit card consolidation can seem like a great solution to your problem.