Consolidating credit card debt can help you pay it off faster: Here's how to do it

A new year is a time for resolution-making, and in 2023 you may be especially determined to get control of your finances. For many, that means eliminating high-interest credit card debt.

But there’s a strategy that can help. Debt consolidation, a process that rolls multiple debts into one monthly payment at a lower interest rate, can be a life raft for those who can’t get out of debt by making the minimum payments alone.1. Choose the best consolidation tool for your credit score and debts Two main tools for consolidating credit card debt are a balance-transfer credit card or a debt consolidation loan. Both work by rolling your existing debts into a single payment.

“Because these products function in the same way, it’s more about what you can get approved for,” Grant says. “Some people can’t get approved for a 0% interest rate card, so maybe they have to do a low-percent personal loan.” 2. Apply with a lender and get approved Once you’ve chosen your consolidation tool, it’s time to apply.

You can also take action to boost your chances of approval, says DuBois, like making a payment on an existing balance, which lowers your credit utilization, or disputing an error on your credit report.

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