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5 Ways to Consolidate Credit Card Debt

Lead Writer | Buy now, pay later loans, debt consolidation, personal loans

Lead Assigning Editor | Consumer lending
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Many people struggle with credit card debt at one point or another, and the higher your balances get, the harder it can be to pay them off, especially when you consider compounding interest.
Consolidation is a way to move high-interest debt onto a lower-interest product, like a balance transfer credit card or a consolidation loan, which then makes it easier to pay off. But this strategy isn’t for everyone, and you should weigh your consolidation options carefully.
The best choice will likely depend on how much debt you have, your credit score and other factors explained below.
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What is credit card consolidation?
Credit card consolidation is when you use another credit product to pay off your credit card balances in one fell swoop. You’re then left with only one payment on your new debt.
For consolidation to make sense, the new debt should have a lower annual percentage rate than your credit cards, so you save money on interest. You can even apply that savings back to your debt, which will shorten the payoff period and get you out of debt faster.
Is consolidating credit card debt a good idea?
Consolidating credit card debt is a good idea if you can qualify for a low enough interest rate and pay off the debt during the allotted time period, which will vary based on the consolidation product you choose.
You’ll also want to be certain you can keep your credit card balances at or near zero while you pay off the new debt. For example, if you take out a consolidation loan to pay off your credit cards, but then accumulate a balance on your credit cards again, you’ll be in a worse position than when you started.
Best ways to consolidate credit card debt
If consolidation sounds like the right move for you, here are five effective and safe ways to pay off your credit card debt:
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- 4 reasons to try a stock simulator
- 3. There’s no minimum amount to redeem for cash back
- 2. Choose a membership plan
- Content marketing
- 5. Accept the terms and conditions
- Tenant screening services
- Advantages of a lady bird deed
- Pick an airline with lower seat fees
- Delta Air Lines: SkyWish
- 5. Green cleaning
- Other ways to enjoy your staycation dining
- Other factors to consider
- You could get out of debt faster
- Birth or adoption of a child
- 1. Are you a fiduciary?
- ARM caps
- 2. Choose an account type
- What’s up with those new crypto ETFs?
- What H&R Block Free can do
- Buffets
- Travel benefits and protections
- 3. Find a household budget template
- Get an 80-10-10 loan
- Premier: $94.99 per month
- 3. Pop-up
- Changes and cancellations
- CA state income tax rates: Head of household
- 2. Pack essentials in your carry-on
- Your amended return is received
- Premium Student: $5.99 per month
- TAB Bank Business CD
- Utilities
- Consolidate high-interest debt
- 2. Choose a business name
- 1. Open an options trading account
- Step 1: Find a China ETF
- 6. Chick-fil-A
- Cheapest life insurance companies for preferred applicants
- What it means for other home buyers
- Cruises
- Higher interest rates and bank failures
- Free rent-reporting services tenants can use on their own
- Annual pet insurance deductible
- 3. Fill out a monthly budget worksheet
- 3. Use the proper forms.
- 3. Marketing services
- Home-related discounts
- Norwegian Air
- Universal Studios Florida
- Pros
- Annual fee
- How much is a weeklong cruise to the Caribbean?
- How to get Iberia Avios
- 5. Walk a dog or feed a pet while your neighbor is away
- Safety ratings
- 2. Evaluate your sunlight exposure
- Adding authorized users won't cost anything
- Merchants may pass interchange savings along to shoppers — or not
- Bank of the West
- Expedited processing fees will eat into your vacation budget
- Business cards
- Alternative minimum tax 2024
- 5. Take online surveys
- Skip (distances of 701 - 1,400 miles)
- If you're more than 30 days late
- MyHome Assistance Program
- Traditional IRA income limits for 2023 and 2024
- Roth IRA income limits for 2023 and 2024
- 2. Test websites and apps
- Saturday and Monday flights can help you avoid the Sunday rush
- Minority Business Development Agency Centers
- 5. Capitalize on plant-based foods
- 1. Research the pay
- What do I need to pre-qualify for a personal loan?
- Medicare Advantage
- 3. Calculate your monthly payments
- Lines of credit
- Welcome offer
- Documentation
- Independent small business
- Annual fee
- 1. Calculate the car payment you can afford
- Disney's Grand Floridian Resort & Spa
- Non-recourse factoring companies
- 4. Delta Air Lines
- 3. Candles
- Crypto.com DeFi Wallet: 4.8 out of 5 stars
- Pros
- Convenience
- Buying on margin
- 3. Run your business with Shopify
- Out-of-pocket maximum
- Individual stocks and bonds
- Look for a summary of benefits
- Why are my FICO and VantageScore credit scores different?
- 2023 tax brackets: married, filing jointly
- Easy online access
- By email
- Will I make money?
- The details
- Cons
- Checked bags
- Winner: American Airlines
- 3. 10% point bonus each year
- International
- 1. To give to charity the wise way
- DTI ratio examples
- What's new at American Airlines
- 4. Gazelle: One of the original reputable cell phone resellers
- You hate being nickeled and dimed
- 3. Sell your stuff in person or online
- Step 2: Account for multiple jobs
- You'll avoid legal action
- Transferring to Virgin Atlantic
- 4. Make the most of every dollar: The zero-based budget
- Check your water heater setting
- Europe, Africa and the Middle East
- 1. Consider your vending machine options
- Step 6. Sign your name
- Ask for discounts
- The rule of 25 and 4% rule
- EveryDollar
- 2. U.S. Bank rewards
- Variable life insurance
- Get a vehicle history report
- Show that you can afford loan payments
- Booking a refundable fare
- October-December: Black Friday
- Welcome bonus offer restrictions
- 3. Book American Airlines deals
- Partially refundable tax credit
- Auto-Refill to save
- The Hartford general liability insurance
- Basic company information
- Be realistic about how much you can make
- You fly a lot with a single airline
- Check out more from Discover
- Accident and illness plan
- What you can do: Set a financial goal or priority if you haven’t yet
- 2. Figure out how much money you need to retire
- Integrations with other online shopping platforms
- Robust suite of features
- Reduces operation expenses
- Your24
- 4. Charge the big stuff
- Can I inspect the interior and exterior of the car?
- Earning miles
- 3. Bitcoin ATMs
- Debt-to-income ratios
- 5. Avianca LifeMiles
- 4. Do proper bookkeeping.
- Car loan preapproval can save you money at the dealership
- Risk management
- 3. Consider diversifying your assets
- Spend on United co-branded credit cards
- HO-1: Basic form policy
- Pros:
- Interest on a mortgage for your second home
- Tally your variable expenses
- Brex Card
- It’s not what you can borrow, it’s what you can afford
- General liability insurance
- 1. Secured major credit cards
- Passive portfolio management
- Minimum income or assets
- Quiz
- 2. Gather the facts
- 1. 529 plans are state-sponsored, but you can pick a plan from any state
- 2. Account for your family's needs
- Refinance student loans
- Before filing
- You're ready to take ownership
- 3. Transfer from Chase Ultimate Rewards®
- TD Bank Small Business Premium Money Market Account
- Dive deep to compare fares
- 3. Drill down on diversification
- Traditional 401(k) vs. Roth 401(k)
- 2. Decide how much help you want
- CD opening deposit
- Discover Bank: Best savings account
- Types of transfers allowed
- 2. Narrow your focus
- APY calculator: Determining annual percentage yield
- 4. "Let us help you sign up for an IRS account
- 4. Freelance writing
- 4. Explore mortgage options
- Influencer marketing
- 6. Submit your application
- Interior storage space
- 2. Legoland — if you’ve got kids under the age of 13
- Credit bureaus
- Winner: Emirates
- 5-star plans
- 2. Earn miles making everyday purchases with an airline credit card
- Automated investing vs. hands-on investing
- VA and USDA loans: 0% down payment
- United MileagePlus: Miles on a Mission
- 6. Air duct cleaning
- Other structures coverage
- Try calling the Taxpayer Advocate Service
- It may lower the average age of your accounts
- Credit union personal loans
- 2. Choose the right liability car insurance coverage levels
- 1. Paying for childcare under the table
- Medical expenses and health insurance premiums
- Delta SkyMiles® Gold Business American Express Card
- Other taxes
- 4. TradingView
- What it can’t do
- iShares Global Clean Energy ETF (ICLN)
- 2. You owned the home for fewer than two years
- 4. Monitor and adjust your spending
- Military member or veteran? Get a VA loan
- Pay with cash or credit card
- How to use our debt-to-income ratio calculator
- Your amended return is adjusted
- Annual fees
- Fast access to capital
- Under 35
- Online retailers
- Needs
- Step 2: Analyze the ETF
- 4. Point transfers to airlines and hotels
- 7. Chili’s
- Rental cars
- Autolist
- 1. Investment advisors
- Pros
- Services provided by landlords
- Chase Sapphire Reserve®
- If you qualify for a hardship withdrawal
- Labor costs
- 4. Participate in the gig economy.
- 4. Consider a payment plan if you can't afford your tax bill.
- Kauai
- You’ve maxed out your retirement accounts
- Qantas
- Black
- 3. AmEx Offers
- 2. National Endowment for the Arts
- Automatic enrollment
- 3. No annual fee
- Cities with the top five lowest rent increases
- 3. Think about investing in rental properties
- 6. Babysit a kid for a great hourly rate
- Example charging costs, and how they compare with gas
- Reliability
- 1. U.S. (Zone 6) to Japan (Zone 1)
- When your employer owns the policy
- Nonrefundable tickets
- Accident and illness
- 3. Specialized care provider
- Atlanta
- Question: "What are some of the best investments for a young person who wants to start saving for retirement?"
- The Ritz-Carlton Maui, Kapalua
- Bypass setting up a trust
- 4. Sector stocks
- 6. Cash in on credit card rewards
- Jump (distances of 1,401 - 2,100 miles)
- Farmers commercial property insurance
- Getting the best HELOC rate
- 2023 tax brackets: single filers
- Credit Karma
- 2. Be aware of potential costs
- 30% of your income: wants
- AT&T
- Chubb: Best for high-value homes
- 3. Understand why an existing business is up for sale
- Seat selection
- FoundersCard
- 3. Open an account
- 1. Get sponsored
- What is the best American Queen Voyages ship?
- 4. Not comparing different transfer providers
- Annual fee
- Perks of Aeroplan 25K elite status
- Q: What are the main disadvantages?
- Appraisals
- 4. Rewards could be used for travel
- Open the account
- Zero-Percent Student Loan Refinancing Act
- Variable student loan rates are a gamble
- 4. Antique curation
- Cons
- Primary vs. secondary insurance coverage
- Annuities
- 3. Target-date mutual funds
- Weigh your family’s medical needs
- Premium consumer credit cards with lounge membership benefits
- If you got your car back, would you be able to afford insurance, maintenance and gas?
- 3. Hospice benefits
- 1. File business taxes and avoid tax penalties
- 2. How do you get paid?
- 3. Use Free Spirit credit cards
- 2. You're only eligible once every 3 years
- Southwest Airlines
- 3. American Airlines
- Nerd note
- 4. A 25% boost when redeeming for travel via Chase
- 5. Your wireless provider: Most carriers sell pre-owned phones
- 2. Choose a rollover IRA provider
- You’ll only fly Frontier once or twice per year
- You'll stop the debt collection musical chairs
- 2. Register your business
- Regulation
- Raise your deductible
- Taxes
- If you recognize the debt as yours
- Variable universal life insurance
- 3. Decide how to pay for BNB
- 2. Ask yourself why you received the check
- Hyatt
- Use a third-party expeditor
- U.S. Bank Business CD
- Home improvement
- Home equity loans pros and cons
- 3. Take advantage of travel statement credits
- Summer travelers say relaxed workplace policies will make summer travel easier
- Provides more security
- 4. Trusts or exchange-traded funds.
- Business term loans
- Sending money from the Venmo or PayPal app
- 5. Get a founders agreement in writing.
- Washington, D.C.: Initiative 82
- Gender
- Mid-cap companies: $2 billion to $10 billion
- 4. Real estate business
- Points you paid on your mortgage
- Ledger: Most popular
- Personal loans
- How could the money disappear?
- How much does an abortion pill cost?
- Pay on time, every time
- Lower annual fee
- 3. Auto repair
- Top 5 Treasury ETFs by AUM
- Opening an account
- Online savings account or money market account
- What is the best MSC ship?
- You can afford a location that meets your needs
- You could use a passport to fly domestically too (unless you have Real ID)
- 1. Open a brokerage account
- Down Payment Assistance Grant
- Florida HFA Preferred or Advantage Conventional Loan
- If it's an error
- 3. Apply for a Delta-branded credit card — and spend enough to earn the intro offer
- Wednesdays and Thursdays are the cheapest day to fly internationally
- 6. Start a drop-shipping business
- More bonus categories
- Preparation and packing
- CD maturity date
- SoFi: Best for checking and savings combo, high interest checking, overdraft fee avoidance and more
- EARN MORE POINTS WITH A MARRIOTT BONVOY CREDIT CARD
- Where to get a private student loan
- You are new to credit and have a short credit history
- 4. Compare lenders
- Installation
- 3. How fast do you need the money?
- Index examples
- 5. 'Let us help you file a casualty loss claim'
- Existing business
- Bonus points at IHG hotels
- 7. Fund your new account
- Disadvantages of a lady bird deed
- Shipping and returns
- Banks
- Extend your trip by a few nights
- 4. Cancel your old business bank account
- When your credit score is high
- 1. Decide whether to go active or passive
- 7. Fundraiser or grant writer
- Stay on the beach or rent a car every day, but don’t do both
- Book with points
- 96% of small-business owners have business bank accounts
- 2. Ignoring overseas income
- Appeal the claim denial
- Option 2: Check other places your EIN could be recorded
- Don’t let the details drag you down
- Invesco WilderHill Clean Energy ETF (PBW)
- The Chase Freedom Unlimited® offers a solid flat rate on 'everything else'
- Which DTI ratio matters more?
- 3. You didn’t live in the house for at least two years in the five-year period before you sold it
- 4. Sell lemonade in the summer
- Step 3: Claim dependents, including children
- Bring a bigger down payment to the table
- 4. Family-style dining
- Pros of bank stocks
- Does basic economy get a carry-on on United?
- Pay with another crypto
- Your claims history
- Your amended return is completed
- YNAB
- Itemize on your taxes
- 5x total points on air travel purchased through Chase Ultimate Rewards®
- 4. Use an American Airlines credit card to earn miles faster
- The right equipment
- Earn ANA miles by spending on credit cards
- High annual fees or poor customer service
- 3. Choose a business entity
- Drivers
- Ownership and management team
- Select seats near the back
- 1. Online advice services
- Where Exodus shines
- Accident-only plan
- 8. Cinnabon
- Required payment is cut in half
- Industry-specific setups
- Additional expenses of longer cruises to plan for
- 5. Use your new card for everyday spending
- 2. Broker-dealers and brokers
- Cons
- Tesla car insurance rates by state for a Model 3
- 6. Etihad Guest
- Delta Choice Benefits Selected After Feb. 1, 2023
- State Farm commercial auto insurance
- Travelers workers’ comp insurance
- Cost of paint and materials
- Commissions
- 1. Retirement plans for retirement goals
- 5. Don't be afraid to ask for help.
- Asset allocation by goals
- Perks shared by both cards
- 2. Practice living on less
- Set expense limits and find ways to save
- HMBradley
- 4. Enticing sign-up bonus
- Premium
- 7. Whip your neighbor's yard into shape
- Single-entry accounting example
- Credit cards for eligible high school students
- Customer satisfaction
- 3. Estimate and compare the cost of solar panels for homes
- Contest
- Straightforward sign-up bonus
- 3. Establish your directives
- One step further: Search for single legs
- Accident-only
- 1. The hook
- Pros:
- Boston
- BMO Business Elite Money Market Account
- The ideal choice
- 7. Download an app for freebies
- Leap (distances of over 2,101 miles)
- 4. Consider your spouse
- 3. Budget for taxes
- Other fuel cards to consider
- T-Mobile