So, you’re wondering if you should consolidate your credit card balances. Is it a smart move? Or are you making a mistake?

The first thing that you need to look at is the interest rate you’re currently paying on each of the cards carrying a balance. Obviously, if you have a card with a low rate and 2 cards with a higher rate, it would make sense to transfer the balances to the card with the lowest rate. If all of your cards share similar rates, you still have an option for consolidating your balances… applying for a new credit card with a low introductory APR for the first 6-12 months.

If you’re in a position to open a new credit card account and you find an offer that would allow you to complete a balance transfer at a low interest rate, it’s something that you should consider. The only thing that you’ll need to look closely at in this case is what the rate will go to after your introductory rate has expired.