Consolidation works best when your ultimate goal is to become debt-free.This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it.
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Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.
Other cards on the market simply offer a standard low interest rate for the life of the credit card.
This means that simply making the minimum repayments will never be enough to pay off the credit card debt in full.
When you consolidate your debts, you replace several debts with one larger loan.
Debt consolidation is a strategy to roll multiple old debts into a single new one.