Credit card consolidation

Find out more about combining your credit card debt into one low or 0% interest rate credit card

If you feel like you’re paying over the odds in credit card interest, you might be better off merging multiple cards into one with a low or 0% interest rate – this is known as credit card consolidation.

Many credit card providers offer introductory interest-free periods as a way to entice new customers. Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.

Other cards on the market simply offer a standard low interest rate for the life of the credit card.

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Reducing credit card debt

A quicker way of paying off your credit card debt is to gradually increase your monthly repayments over time.

Paying back the minimum amount each month can be an expensive business, with the bulk of the debt coming in interest. Even with a 0% rate, paying the minimum is unlikely to make much of a dent in your credit debt.

If the minimum monthly repayment amount is as low as 2% of the card balance, the interest can often exceed the amount owed. This means that simply making the minimum repayments will never be enough to pay off the credit card debt in full.

Read our debt help advice guides for more information on credit card debt consolidation and to find sources of debt help.

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