Escape the credit card juggling act: consolidate

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.