Which credit card is best for consolidating my debts?
How much interest do you currently pay on your cards? You can probably find a better deal by consolidating your credit cards to one with a low or 0% interest rate.
Many providers offer interest free introductory periods as a way to entice new customers to transfer a balance. Some offer a 0% interest rate for up to 12 months. You could save a significant amount of money by consolidating your credit card debt and transferring your balance - for example, if you transferred a balance of £3,000 from a credit card with a typical APR of 16.80%, to one offering 0% on balance transfers for 16 months, you could save £480 over the course of the interest free period.
Other cards offer introductory low interest, or even better, a standard low interest rate for the life of the debt.
The Best Balance Transfer Credit Cards from uSwitch
What's the best way to reduce my debt?
The only way to reduce your credit card balance is to make more than the minimum monthly repayments. Paying the minimum amount each month is not really enough, you will mostly be paying the interest. Even if you have a 0% introductory rate, you will still barely make a dent in your debt.
The minimum monthly repayment amount can be as low as 2% of your balance. Your interest can sometimes be more than your repayment. That means that if you just make the minimum repayments, you will never pay off your debt.
Need help paying your debt?
There is help out there if you think you need it. The Credit Card Counselling Service (CCCS) is a charity that helps people in financial trouble by offering free advice. You can call them on 0800 138 1111.
Consolidate my credit cards now
Use our switching service to find the best credit card for consolidating your debts. Once you transfer your balance using our free, simple and impartial service, you should cut up your old credit cards at once. The last thing you need is the temptation to use them again.
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