Consolidating Credit Card Debt

Debt consolidation of all your credit card is a good choice for you if you:

- are paying off several cards at once
- have staggered payment dates
- sometimes make late payments
- would like to pay less interest on your debt 

While transferring all of your existing debt to one loan won't reduce the amount that you owe, it can make your debt easier to pay off and manage in many ways. When you transfer the outstanding balances from higher interest credit cards to a consolidation loan, you could save yourself hundreds per year in interest payments.

1. Work out what you're paying each month.

Gather all your statements together. Note how much you owe on each card, and the interest rate that you're paying. Also note how much you're paying each month, and total up the amounts to figure out how just how bad your monthly debt outgoing is.

2. Compare loan rates online.

Using a site like Loan Machine this is incredibly easy. Just fill in a quick form and they'll find the cheapest option available to you for your current status

3. Work out how much interest you'd pay at your current interest rates.

Loan Machine offers a loan calculator for just such a purpose. Put in the amount, term and apr.

Once you've worked all this out you'll usually see that it makes more sense to consolidate your debt than try and chip away at many credit cards at once