If you first want to pay off the credit card with the lowest balance (Card 3), you won't save the most money, but you may get motivated once you pay off the lower credit card balance. Fourth, a credit card consolidation loan is considered an installment loan; swapping your variable rate credit card for a fixed rate credit card consolidation loan can help increase your debt mix and may raise your credit score. With a 0% APR credit card, you can transfer your existing credit card balance to a new credit card and not owe any interest until the 0% APR period ends. A credit card consolidation calculator can show you quickly your interest savings compared with your existing credit card debt. You can use this credit card debt calculator to see how much you can save when you consolidate credit card debt.

Source: Forbes February 11, 2019 13:30 UTC