Thread: Consolidate credit card debt

How would you be consolidating the debt? What's the math tell you? I think your best strategy lies in the details on this one.

If you only have 2 cards there is not much to consolidate. If you mean balance transfer to one card, that is different. You mentioned have an average score. 2 card will build credit faster than one for sure. If your goal is to have a lower payment on both accounts then a b/t maybe the best option. Try Citi Plat Select card 0%/21 months on balance transfers 3% transaction fee. Citi only requires 1% of the balance for a payment also. This would give you a low payment for sure. A real consolidation program will only hurt your credit.

Hope that helps,

Scott

Consolidating is a good idea if you have high credit debt on both the cards. you can reduce your monthly paying amount by consolidation. consolidating also help in building your credit score and you will have minimal monthly payment to pay off to the bank. Consolidating your credit card debt will take few years to end the debt with the bank but till then you can close your existing credit and apply for a new apply credit card in UK with the existing credit score. Its not wise to keep the cards and debt to increase your credit score.