If you're like most Americans, you have at least one credit card. They can be a great way to build your credit history and earn rewards.
But they can also become a huge burden if you wind up struggling to make payments. If you're feeling overwhelmed by your credit card debt, you may want to consider consolidation.
Credit card consolidation combines multiple credit card balances into one single payment. The goal is to simplify your monthly payments, reduce your interest rate or both.
There are several ways to consolidate your credit cards. Options include balance transfers, consolidation loans and debt management plans. Each method has its own pros and cons, so it's important to choose the right option for your situation.