People talk all day long about their workouts, favorite apps, and their love lives, but bring up the subject of money, especially credit card debt, and suddenly everyone clams up.
Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).
So the first step in debt consolidation is simply to consider whether it will actually work for you.
There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.
Some creditors might be willing to accept lower minimum monthly payments or change your monthly due date because they would rather get paid less on a regular basis – than not get paid at all.
Here’s what you need to know if you are considering these options for consolidation: Transferring different debt balances to one credit card account Many credit card companies offer zero-percent or low-interest balance transfers to allow you to consolidate your debt on one account.