Consolidating credit cards canada

Alternatively, if you transfer your ,000 in total credit card debt to a balance transfer credit card with a promotional interest rate of 1.99%, you’ll pay only .50 in interest charges per month.The lower interest rate means a greater proportion of your payment goes toward paying down the principal and less towards paying interest.You could tackle the debts head on, or you could consolidate your debts into a single, lower interest debt and make payments until it is gone once and for all.This strategy is called credit card debt consolidation, and it’s a good option if your ultimate goal is credit card debt freedom.We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances.All examples are hypothetical and are for illustrative purposes.The second benefit to debt consolidation is that you can usually put your debts together on a single, lower interest product.

The drawback is that you may be tempted to continue to overspend on your original higher interest credit cards – running up your debt even more.We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.Credit cards are an important part of your financial arsenal, and they can be excellent tools to bring you closer to your financial goals.In the simplest terms, credit card debt consolidation works by combining several of your credit card debts into a single, low-interest loan.This loan could be in the form of a line of credit, a low-interest credit card, a balance transfer credit card, or even a home equity line of credit (HELOC).

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