Credit Card Debt Consolidation

Pay off Your Credit Cards In Order of Priority

This is a popular strategy, helping people get out of debt faster. If you have multiple credit cards or personal loans to pay, the idea is to pay more towards the debt that charges the highest interest rate, followed by the second highest and so on. By doing this, you can minimise the total amount of interest paid in servicing the debt in an organised way. 

Use A Balance Transfer To Pay Off Credit Card Debt

Another way to achieve credit card consolidation is to take advantage of credit card balance transfer offers by rolling multiple cards onto one. There are several credit card consolidation offers at present, offering a 0% interest rate on the balance transferred for up to 6 months, followed by a lower-than-usual interest rate of around 12.5% thereafter. It’s important to take advantage of the low interest period on all credit card consolidation offers, as some will return to an interest rate similar to that which you were trying to avoid by consolidating credit cards in the first place.

One of the most cost-effective techniques to consolidate credit card debt is to use the equity in your home – by refinancing your mortgage and taking advantage of lower interest rates, credit card debt consolidation can be achieved quickly. This not only makes repayments both easier and more manageable but allows you to substantially reduce the amount of interest you pay overall.

Cutting up credit cards for some is both a symbolic and physical way to stop spending money you don’t have. But you need to also remove your credit cards from automatic payments, subscriptions and payments from platforms like Google Pay and PayPal to ensure your don’t keep spending. Just having a balance for some can be a big temptation, so removing the temptation online and in-store can prevent your debt from growing.

If you can keep you credit card accounts and completely paid off this will help your credit score. Just be strong and do not to use your credit card. Get a debit card and only spend money you actually have in the bank.