Eliminating credit card debt is not always easy. But consolidating credit card balances on a new card with a low promotional rate could save you money.
Here are some tips for consolidating credit card debt that will potentially boost your score.
- Calculate the monthly payment you’ll need to make to pay off the balance before the introductory rate ends.
- Don’t cancel your old cards. In addition to eliminating your credit history, closing accounts reduces your available credit. Both can have a negative impact on your credit score.
- Avoid charging purchases to your old cards unless you can pay off the balance each month. People often fail at debt consolidation because they run up new debt.
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