Should you consolidate your credit card debt this March? Here's what to consider first.

MoneyWatch: Managing Your Money Should you consolidate your credit card debt this March? Here's what to consider first. We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. By Angelica Leicht Angelica Leicht Senior Editor, Managing Your Money Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications. Read Full Bio Angelica Leicht March 5, 2026 / 12:41 PM EST / CBS News Add CBS News on Google Carrying credit card debt from one month to the next has always been costly, but the math has gotten especially brutal over the last few years. Average interest rates on existing credit card accounts sit at over 21% currently and millions of cardholders are paying interest at rates that are much higher than that average. In turn, it's surprisingly easy to rack up hundreds or even thousands of dollars in annual interest charges before you've paid down a single dollar of the original balance. That's a large part of why debt consolidation now seems like an obvious solution for many borrowers. The strategy — which typically involves combining multiple credit card balances into a new lower-rate option with one monthly payment — can simplify your finances and reduce interest costs in many cases. But while consolidation may sound like a straightforward fix, you may be surprised to learn that it's not always the best move for every borrower — or every financial situation. The timing also matters when you're consolidating debt, as certain factors can have a big impact on what it costs to take this route. So does it make sense to consolidate your debt this March, specifically? There are a few things to consider before you do. Learn how to get help with your credit card debt today . Should you con...