economy
March 6, 2026
Should you consolidate your credit card debt this March? Here's what to consider first.
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TL;DR
- Determine if you can secure a lower interest rate through consolidation; excellent credit may yield rates around 7%, while lower scores might face higher rates.
- Consider 0% balance transfer cards, which can offer up to 21 months with introductory APRs, but ensure you can pay off the balance before the promotional period ends.
- The Fed's rate pause suggests personal loan rates won't drop significantly soon, so waiting for lower rates might not be practical.
- Consolidation restructures debt, not erases it; changing spending habits is crucial to address the root cause of debt.
- Applying for new credit can temporarily lower your credit score due to hard inquiries and changes in account age.
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