Consolidating credit card balances dating a grown child

The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation.

The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers.

This task is being made easier through improved technology.

For example, it is possible to set up direct debits scheduled for payday in order to make repayments to credit cards and also to make regular payments into savings accounts.

Likewise, mobile apps such as Moneybox may help to encourage saving and investing, which can reduce reliance on debt in the long run.

My Wallet Hero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd.

You may be able to obtain a balance transfer card with a lower interest rate than your current credit cards, possibly an introductory interest rate for a set time.

Consolidating credit card debt can lead to lower interest costs and greater simplicity.Merging multiple cards into one with a low or 0% interest rate card is known as credit card consolidation.Many credit cards providers offer introductory interest-free periods as a way to entice new customers.This means that simply making the minimum repayments will never be enough to pay off the credit card debt in full.Rising interest rates and mounting credit card debt may prompt many consumers to look for ways to consolidate their credit card bills.