Credit cards provide an individual with a source of short-term finance which can be used to fund short-term income blips, a temporary rise in expenses or simply to make that special purchase. However, where balances remain constantly unpaid from month to month and multiple credit cards are in use, it may be time to consider refinancing one’s credit card debts into a consolidating loan.

Why Consolidate Credit Card Debt?

Credit cards are designed to provide short-term finance for an individual. As such, the costs of maintaining credit card debt in terms of interest rates and charges is likely to be much higher than servicing the same debt from a long-term source such as a secured loan or an unsecured personal loan.

In the essence the main reason for consolidating credit card debts should be to take advantage of the lower interest rates charged on long-term sources of debt such as a secured loan or unsecured personal loan. In addition, if multiple credit cards are in use, then there is also the benefit that taking out a consolidation loan will also reduce the number creditors an individual has to deal with each month.

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