Remember, it’s always a good idea to pay more than the minimum, so you clear your balance quicker and minimise any interest payments.
You can look for cards that offer low interest rates or, better still, cards that offer a 0% interest on balance transfers for a promotional period.
Where balance transfer cards become expensive is when you haven’t cleared your debt during the 0% interest free period and you have to start paying interest on your remaining balance.
Our credit card calculator is a helpful tool which works out how long it’ll take you to pay off your balance based on your current repayments.
If you are struggling to pay off multiple credit cards, consolidating your debt might allow you to reduce your interest rates and lower your monthly payment.
However, a lower monthly payment can mean a longer repayment term and more interest paid over the life of the loan.
When you obtain a debt consolidation loan, you pay off all of your outstanding credit cards with its proceeds.
This means that instead of owing money on multiple credit cards, you now have a single obligation.Eligibility Checker can help you work out what type of credit card is best suited to your needs and what your chances are of your application being accepted by the lender.Importantly, Eligibility Checker does not leave a mark on your credit file for prospective lenders to see, but it also isn’t a 100% guarantee that you’ll be approved for credit.Consolidating your credit card debt essentially means combining all of your debt into a single loan or paying your creditors through a single monthly payment.You can do this by taking out a consolidation loan or using a debt consolidation or management company.Consolidating your existing debts into a single balance on a credit card is called consolidation, and with the right card it can be cheaper than taking out a personal loan to do the same job.