Card debt consolidating

Whichever option you choose, you will use it to pay off your multiple balances.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.

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Debt consolidation is a strategy to roll multiple old debts into a single new one.Here’s what you need to know if you are considering these options for consolidation: Transferring different debt balances to one credit card account Many credit card companies offer zero-percent or low-interest balance transfers to allow you to consolidate your debt on one account.This will allow you to make one payment and sometimes will result in lower payments.This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it.You’ll need a good to excellent credit score — above 690 — to qualify for most cards.

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