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Financial and money management experts say consumers should consider transferring high-interest balances to 0 percent or low interest credit cards if they can.
Paying back the minimum amount each month can be an expensive business, with the bulk of the debt coming in interest.
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Consolidating credit card debts onto a single card may make it easier for you to effectively manage your finances and ultimately help you improve your overall financial position.
However, you should also be aware of additional fees and the potential for higher interest rates further down the line. Transferring balances to a balance transfer card with a lower interest rate than your current credit cards could both: For example, someone with total credit card balances of £2,688 at an average APR of 18.9% repaying £200 per month could save £324 over a 14-month period by consolidating their debt onto a credit card with an introductory 0% balance transfer period.