If you have several credit cards then often it is a good idea to commence a balance transfer to the one card. This is a sensible option as it will cut the interest rates of the other cards and leave you with only one bill. These balance transfers are offered at special cheaper rates as an incentive to transfer. The transfer can involve a small fee but the overall monthly payment should be considerably lower than you were previously, or currently paying on all the cards combined.
These transfers are only beneficial if you can resist the temptation not to spend anything on the new card.
The interest rates for your combined balance will be reasonable but if you spend then that new debt will be at a higher rate. You cannot pay off this new acquired debt until you have paid off the the agreed amounts per month.
Some credit card deals will offer 0% fees on transfer while others may charge 3% or more. It is just a case of finding the right deal for you. You may need a longer repayment period in order to pay off all your cards or much lower repayments than you have now. The fee charged for your credit card transfers can vary and you are always advised to look around at all the options
When you have considered all the details of an offer then you can apply for a new credit card. On the application form you will find a section that asks you if you want to transfer any other card debt. If you say yes then if you are successful with your application then the other cards will be paid off and the whole amounts owed will be paid off. You can start afresh without the worry of so many different creditors and several hefty interest payments. The credit card transfer fee, should it apply is often money well spent for the convenience it can bring. You could be paying off your accumulated interest rate quicker and more cheaply with an alternative card.
The credit crunch has made getting higher levels of credit more difficult and you should be careful how many applications you make as they will all show up on your credit history report. The best, most viable deals can be found if each one is given relevant consideration for your own particular circumstances.