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Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).

Whichever option you choose, you will use it to pay off your multiple balances.

Some strategies will be more affordable than others, and your credit card consolidation choices may be limited by your credit standing.

Personal loans charge simple interest (as opposed to credit cards, which often have variable rates and sometimes have different rates for balance transfers and purchases on the same card) and they typically have loan terms of three to five years.

The following five tips can help you figure out which credit card consolidation strategy suits you best.

And if you make your credit card or loan payments as agreed, you’ll establish a positive payment history, which affects your credit scores more than anything else.

(Payment history accounts for 35% of traditional credit scoring models.)Transferring credit card balances, paying off credit cards with a personal loan or enrolling in a debt management plan is only the beginning of credit card debt consolidation.

But, before applying, be sure to ask about the lender’s credit requirements.

Keep in mind that you’ll need Be sure to check out any potential online lenders with the Better Business Bureau before applying for a debt consolidation loan online.

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