Best for all credit types
Credible personal loans
Finder rating: 4.3/5
Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
If you overspent on presents this year, a balance transfer credit card or a consolidation loan can help you manage your credit card debt — but watch out for interest rates that are far from jolly.
You have two main options: a debt consolidation loan or a balance transfer credit card.
Best for all credit types
Credible personal loans
Best for credit card debt
Best intro APR periods
Citi® Diamond Preferred® Card
Best for cashback rewards
Citi® Double Cash Card
The best option for you depends on a number of factors, including how much debt you’ve accrued and how long it will take you to pay it off:
Check out our short video where we give you the rundown on how you can pay off your Christmas debt without breaking the bank.
There are a number of features to look for when choosing a balance transfer credit card:
When you compare options for debt consolidation personal loans, check the following:
Select your credit score range and state of residence to see the top providers in your area. Then explore your options by APR, minimum credit score or loan amount. Choose the Go to site button for more information about a particular provider.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
At its best, gift giving is a way to spread love and kindness to the people in your life. When you approach holiday gifts with that in mind, it becomes clear that spending a lot doesn’t really have much to do with giving. Pay attention to what your loved ones actually want and how you can make their lives a little bit easier this December. Who knows, you might actually end up saving while strengthening your relationships in the process.
While debt consolidation loans and balance transfer credit cards are the two primary routes to conquering your Christmas debt, there are some other things you can do to prevent future debt from accumulating:
A little planning can go a long way when it comes to Christmas spending. Put a plan in place, and if you need a Christmas credit card make sure you carefully consider all of your options. This way you can enjoy, rather than worry about, the holiday season.
However, if you find your credit score on the naughty list, you may want explore debt consolidation options for bad credit.
I was approved for a balance transfer card, but the limit isn’t high enough to cover my debts. What can I do?
You can either take out the balance transfer card and move as much debt as you can onto it or decline to open the card.
If you choose to open the card you’ll need to work out a budget to see how much you can pay off in the promotional period while still maintaining your other credit card/s. After you’ve paid that off you can choose to try for another balance transfer or just keep paying down your remaining debt.
If you choose to decline the card, remember when you apply for another balance transfer the card provider will be able to see your recent application and it might affect your chances of approval.
What happens if I don’t pay off my debt during the promotional period on my card?
First, work out how much debt you have left on the card and how long it will take you to pay off while you’re being charged the new, higher rate. If it’ll be unmanageable or you’ll be in debt for an extended period of time, you may want to consider another balance transfer.
Keep in mind that continually balance transferring your debt isn’t an ideal strategy because every new credit application is listed on your credit file and affects your credit score.
How long does it take to complete a balance transfer?
Most balance transfers will be processed 7 to 10 days after you’re approved for the card, though this can vary among providers.
Picture: ShutterstockBack to top
Compare 7 lenders to find one that’s a good fit for your needs.
Build on your previous success with this debt relief strategy.
Save by paying off your highest-interest debts first.
Let your phone help you get your finances under control.
Find out how this method of paying off your highest-interest debts first can save you in the long run.
Here’s how having good credit when you consolidate your debt could save you money.
Find out the positive and negative impacts debt consolidation could have on your credit score.
A bad credit debt consolidation loan can help you manage your debt through a single monthly payment.
Will your partner give you STDs? Exclusive data from finder.com shows that more people have “sexually transmitted debt” than sexually transmitted diseases.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.