Consolidating your credit card debt can be a good option to help you eliminate your debt more quickly in certain scenarios. But its important to understand the methods of how to consolidate your credit card debt, as well as when credit card debt consolidation makes sense and when it doesnt.
When credit card debt consolidation makes sense
To determine if debt consolidation is the right approach for you, youll need to add up your debt balances to see if youd be able to get a lower rate or earlier payoff date by consolidating. If not, you may want to think about other options like a debt management plan or do-it-yourself payoff methodsuch debt snowball or debt avalanche.
If your situation fits the bill for credit card debt consolidation,…
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