5 Ways to Consolidate Credit Card Debt

Consolidating your credit card debt may be a good idea if the new debt has a lower APR than your credit cards.
Jackie Veling
Steve Nicastro
By Steve Nicastro and  Jackie Veling 
Updated
Edited by Kim Lowe

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Credit card debt consolidation is a strategy that takes multiple credit card balances and combines them into one monthly payment.

Consolidating your debt is ideal if the new debt has a lower annual percentage rate than your credit cards. This can reduce interest costs, make your payments more manageable or shorten the payoff period.

The best way to consolidate will depend on how much debt you have, your credit score and other factors.

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Five effective ways to pay off credit card debt