If you’re juggling payments on more than one credit card, you could save money on interest — and simplify your finances — by consolidating balances. Depending on the amounts you owe, this could save you money each month — money that you can then channel into paying this debt down faster.
Simply choose one card with a lower interest rate, and transfer all of your outstanding balances on higher-rate cards to it.
Or, consider a consolidation loan, and combine all your outstanding balances onto one lower-interest rate loan. You’ll often get a lower rate when you have a secured Line of Credit such as a Home Equity Line of Credit , which is secured by your home or assets such as cash, term deposits, bonds, GICs, stocks or mutual funds.1
While you are working towards paying down your balance, consider strategies to break out of the credit cycle.
1Some restrictions apply.