Consolidating debt to one credit card

The smartest card choice doesn't have any of these fees (although you may not be able to escape paying a transfer fee).Make sure you understand the limitations of the offer before you decide whether the card is right for your needs.

Another option — and one that many people consider as their first step — is to contact your creditors directly.

In general, debt consolidation loans can reduce the amount of interest you pay each month, reduce the number of creditors you have to deal with, and shorten the amount of time it will take to pay off your debts as long as you qualify and keep with the program terms.

If you’re struggling to pay high interest rates on a lot of unsecured debt, consolidation may seem like an attractive solution.

If you're keeping up with the Jonses, it's probably several thousand dollars across a few cards -- Americans carry, on average, about ,000 in credit card debt, and have three active credit cards in their wallet [sources: CBS Money Watch, Cawad].

In 2012, there were more than 1 billion credit cards held by 160 million Americans, and in the same year, U. consumers collectively charged 0 billion to their plastic [source:].

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