{"id":20239,"date":"2025-04-21T20:43:10","date_gmt":"2025-04-21T20:43:10","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/is-credit-card-debt-consolidation-worth-it-right-now\/"},"modified":"2025-04-21T20:43:10","modified_gmt":"2025-04-21T20:43:10","slug":"is-credit-card-debt-consolidation-worth-it-right-now","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/is-credit-card-debt-consolidation-worth-it-right-now\/","title":{"rendered":"Is credit card debt consolidation worth it right now?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/04\/21\/844c9286-6523-445f-a883-6270fc46dcaa\/thumbnail\/1240x827\/38cb40812f1923fbed6c12ca97db1822\/gettyimages-1631183221.jpg?v=04a4ba26f526ed8207f014fe1018c4aa#\" alt=\"Hand cutting credit card - stock photo. \" height=\"827\" width=\"1240\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">There can be big benefits to consolidating your credit card debt, but should you do that in this economy?<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Credit card debt recently hit record highs across the U.S., with the total amount nationwide <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc\" target=\"_blank\" rel=\"nofollow noopener\">now topping over $1.2 trillion<\/a>, according to the latest data from the Federal Reserve Bank of New York. At the same time, the average credit card interest rate is hovering\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/easy-ways-to-lower-your-credit-card-interest-rates-this-april\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">below 22%<\/a><\/span> \u2014 just below a record high. For those who are juggling rising costs of living, these types of <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-credit-card-debt-is-so-expensive-right-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">mounting credit card balances<\/a><\/span> and today&#8217;s sky-high interest rates are pushing their budgets to the brink.\u00a0<\/p>\n<p>Meanwhile, the broader economic landscape isn&#8217;t offering much relief. Although <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-today-march-2025-inflation-what-it-means-tariffs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">inflation has cooled slightly<\/a><\/span> in recent months, today&#8217;s inflation rate remains above the Federal Reserve&#8217;s 2% target, meaning prices are still high for everything from groceries to rent. The Fed has also paused cuts to its benchmark interest rate so far in 2025, which is contributing to the costly borrowing environment. So, if you&#8217;re carrying credit card debt in this climate, finding a way to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-rates-near-record-highs-quick-ways-rid-of-card-debt-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">get rid of that debt<\/a><\/span> may be more important than ever.<\/p>\n<p>That&#8217;s where <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/debt-consolidation-what-is-how-does-it-work\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt consolidation<\/a><\/span> comes in. Rolling your debts into one lower-rate loan can be an effective way to get ahead. But it&#8217;s not a silver bullet \u2014 and it doesn&#8217;t make sense for everyone or in every situation. So is credit card debt consolidation a good idea right now?<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fa68c45e313e3%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fis-credit-card-debt-consolidation-worth-it-right-now&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fis-credit-card-debt-consolidation-worth-it-right-now%2F&amp;event_type=click&amp;article_id=6d26ecf3-f94e-4e46-90b5-1885391de2ea\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out what debt relief strategies are available to you now<\/a>.<\/p>\n<h2><strong>Is credit card debt consolidation worth it right now?<\/strong><\/h2>\n<p>For most people who are dealing with high-rate credit card debt right now, consolidation makes a lot of sense. After all, with credit card interest rates hovering near 22% on average and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/can-my-store-credit-card-debt-be-forgiven\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">retail credit card rates<\/a><\/span> averaging nearly 30%, financing purchases with a credit card is an expensive approach to take right now. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-interest-charges-compounded\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Credit card interest also compounds,<\/a><\/span> meaning that you&#8217;re charged interest over time on the previous interest charges that have accrued, so it&#8217;s easy for your balance to balloon out of control quickly.\u00a0<\/p>\n<p>As a result, consolidating your debt with even <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/ways-to-lower-your-credit-card-interest-rates-right-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a slight reduction in your interest rate<\/a><\/span> can translate to significant savings over time. And there are a lot of options that could lower your rate more than just slightly. For example, the <a href=\"https:\/\/www.bankrate.com\/loans\/personal-loans\/average-personal-loan-rates\/\" target=\"_blank\" rel=\"nofollow noopener\">average personal loan rate<\/a> is about 12% currently, so rolling your high-rate credit card debt into a personal loan for debt consolidation could result in paying a lot less for interest over time. Plus, consolidating your debt into a single monthly payment can make your financial life a lot easier to manage.<\/p>\n<p>However, the effectiveness of debt consolidation largely depends on <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-good-credit-score-determining-factors\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your credit profile<\/a><\/span>. If you have good to excellent credit (generally a FICO score of 670 or higher), you may qualify for the lowest consolidation loan rates \u2014 which are a massive improvement compared to credit card rates. Likewise, some <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/balance-transfer-credit-cards-save-money\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">balance transfer cards<\/a><\/span> are still offering 0% intro APR periods for up to 21 months, which can be a golden opportunity to knock out debt interest-free if you can pay it off within that window.<\/p>\n<p>That said, if your credit is poor or <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-good-debt-to-income-ratio\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your debt-to-income (DTI) ratio<\/a><\/span> is high, you might not qualify for favorable loan terms, or you may be offered a consolidation loan with a rate that&#8217;s barely lower than your current credit cards. And while there are consolidation options available for those with less-than-perfect credit \u2014 like <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/debt-consolidation-loans-vs-debt-consolidation-programs-whats-the-difference\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt consolidation programs<\/a><\/span> through debt relief companies \u2014 you&#8217;ll want to understand the fine print before committing.<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fa68c45e313e3%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fis-credit-card-debt-consolidation-worth-it-right-now&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fis-credit-card-debt-consolidation-worth-it-right-now%2F&amp;event_type=click&amp;article_id=6d26ecf3-f94e-4e46-90b5-1885391de2ea\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out how to get rid of your high-rate credit card debt now<\/a>.<\/p>\n<h2><strong>How to determine whether debt consolidation is the right move<\/strong><\/h2>\n<p>Before pursuing debt consolidation, it may help to conduct a thorough assessment of your financial situation, which can help you determine whether debt consolidation is the right move. Here&#8217;s how to do that:<\/p>\n<ul>\n<li><strong>Understand the scope of your debt<\/strong>: List all your debts, including balances, interest rates and monthly payments. This will help you understand your total debt load and identify which debts could benefit most from consolidation.<\/li>\n<li><strong>Check your credit score<\/strong>: Your credit score significantly impacts the interest rate you&#8217;ll receive on a consolidation loan. A higher score increases your chances of securing a loan with favorable terms.<\/li>\n<li><strong>Compare loan offers<\/strong>: Shop around for consolidation loans, comparing interest rates, fees and repayment terms. Ensure that the new loan&#8217;s interest rate is lower than the weighted average of your current debts.<\/li>\n<li><strong>Calculate potential savings<\/strong>: Use online calculators to estimate how much you&#8217;d save in interest and how long it would take to pay off your debt with a consolidation loan.<\/li>\n<li><strong>Evaluate your financial habits<\/strong>: Debt consolidation can simplify payments, but it&#8217;s crucial to address any underlying spending issues. Without changes in behavior, you risk accumulating new debt on top of the consolidation loan.<\/li>\n<\/ul>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Credit card debt consolidation presents a valuable opportunity for many borrowers in today&#8217;s economic landscape, especially considering that the spread between credit card rates and consolidation options remains substantial. For cardholders with good credit, manageable debt-to-income (DTI) ratios and commitment to avoiding future high-rate debt, consolidation can provide meaningful financial relief and accelerate the journey to debt freedom.<\/p>\n<p>However, debt consolidation isn&#8217;t a universal solution. Those with poor credit, unstable income or deeply entrenched spending habits may find better results working with credit counseling services or debt relief companies that provide financial guidance and more options, like credit card debt forgiveness, for getting rid of this type of debt.\u00a0<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/angelica-leicht\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Angelica  Leicht<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/is-credit-card-debt-consolidation-worth-it-right-now\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There can be big benefits to consolidating your credit card debt, but should you do that in this economy? Getty<\/p>\n","protected":false},"author":1,"featured_media":20240,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-20239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is credit card debt consolidation worth it right now? - World News<\/title>\n<meta name=\"description\" content=\"Rolling your debt into one lump-sum loan can be a smart move, but it won&amp;#039;t be the right one for every borrower.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/is-credit-card-debt-consolidation-worth-it-right-now\/\" \/>\n<meta property=\"og:locale\" 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