


Juggling multiple credit card balances can be stressful. The good news is there are ways to simplify repaying it, including credit card consolidation.
Let’s take a closer look at what credit card consolidation is, how to pursue it, and the pros and cons of this strategy.
Credit card consolidation is when you take out a new or existing line of credit, like a loan or another credit card, to pay off your card balances. When you consolidate cards, you replace multiple monthly payments of different amounts, due dates, and interest rates with a single monthly payment.
Credit card consolidation can make it easier to keep track of payments and may even lower your payments. You may be less likely to miss payments, thereby avoiding late fees, credit damage, and higher interest charges. Through this strategy, you can simplify your finances and eventually become debt-free.
You can consolidate your credit card debt in several ways, but the ideal strategy depends on your unique situation. Here are a few options you might want to explore.
Related: Learn more about getting a personal loan
The most noteworthy benefits of credit card consolidation include:
Consider the following drawbacks to credit card consolidation:
Whether you should consolidate your credit card debt depends on your particular financial situation.
You may want to consider this option if any of these scenarios apply to you.
Credit card consolidation might not make sense if: