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If you’re struggling with credit card debt, you are most certainly not alone. Coming into the new year, Britons owed £72.5bn on credit cards, equating to £2,688 worth of credit card debt per household.
For many, credit card balance is the number one priority when it comes to responsibly managing personal finances. Staying in control of your credit cards and properly managing debt has become an essential part of modern financial care.
For those with money owed across a number
of credit cards, consolidating that debt is a potentially smart move to make.
However, before you jump in, there are a number of key questions you need to
ask yourself.
Why debt
consolidation?
Consolidation allows you to take your debts
spread across a number of credit cards and transfer them into a single balance.
This allows you to better understand the extent of your debt, develop a
suitable approach to paying it off and removes the risk of you losing track of
what is owed when and where.
Consolidating debt means you have just one monthly payment to make, which should give you a clearer focus when it comes to eliminating your debt.
What
are my options?
There are two ways to consolidate your
credit card debt.
The first is to transfer your debt onto a
single, low APR credit card, commonly known as a balance transfer card. These
cards are designed to offer some relief from your current interest payments,
often offering a very low or free interest period for an extended amount of
time, within which you should aim to pay off the full amount.
The second option is to seek a debt consolidation loan. This involves using a lender to merge your debts into one loan which will lower your monthly payments. Consolidation loans come in two forms – secured, where the amount borrowed… Read More
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