Consolidating credit card debt

Credit card debt can easily mount up. Paying off the arrears can seem never ending, so some people choose to consolidate credit card debt into a single loan.

This can be effective, providing the interest rate and terms are more favourable than those associated with the original credit card debt. However, it is important to check the terms and conditions of consolidation loans very carefully. You might find that although the payments seem smaller each month, you are actually paying back the debt over a longer period of time. It may also mean that you will be paying back a much larger amount.

Solving credit card debt?

Remember, though, that if you have more debt than you can handle, transferring that debt from cards to a loan will not solve the problem. We strongly advise you not to take out a credit card debt loan before having your financial situation assessed by a professional debt counsellor.

As the UK's leading debt charity, we provide free, impartial debt help. Use CCCS Debt Remedy, our online debt counselling service, to identify the best debt solution for your situation.