The 8 Best Ways To Consolidate Credit Card Debt

Balance transfers are a great option to use in tandem with other repayment strategies; they are not, however, a cure-all for high credit utilization. Balance transfers simply move debt from one lender to another, effectively bringing debts together into one account and a single corresponding repayment.

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For those with a high credit limit and a number of different debt accounts, balance transfers provide a great means of bringing debt together under a single repayment plan, and often come with favorable terms, too. Cardholders are often provided with temporary zero-interest periods for use with balance transfer funds, and opening a new credit account specifically to use the card as a balance transfer option has been a tried and true method of eliminating punishing interest for years.

Balance transfers give cardholders temporary relief from the continuation of rising balances, but they only work if you are also serious about debt elimination. Transferring any balances that you can to a zero-interest account gives you the ability to focus on debt that remains on a high-interest card, or the option to potentially bring all your debt together under the offer. Paying off as much of the transferred debt as possible before the term expires gives you a great jumpstart on complete repayment and financial freedom from expansive credit burdens.

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