Debt consolidation means replacing multiple debts with one larger debt that combines them all. The most common way to consolidate credit card debt is to transfer the balances of several existing credit cards to a new credit card.

Sometimes credit card providers offer low interest rates on balance transfers to make this a viable option.

However, you should always look carefully at the rates you will be paying once the offer expires to make sure you won't be worse off. Also check the terms and conditions carefully and look out for any additional fees you might have to pay.

Credit card consolidation loan

Credit card debt consolidation might also come in the form of a loan to pay off your existing credit card balances. Once again, you need to make sure you won't be paying more under the terms of the loan, and make sure you will be able to afford the monthly payments.

Consolidation advice

Debt consolidation isn't always the best option, and we strongly recommend you get professional advice before consolidating your credit card debt. You can get this via CCCS Debt Remedy, our online debt counselling service, which will identify the best debt solution for your personal circumstances.