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Consolidating credit card debt your own

When you consolidate credit card debt, you roll the balances from several accounts into one loan so that you only have to make one monthly payment—ideally, at an interest rate that saves you money overall.The result should make paying off your debt easier.You may also consider taking out a personal loan from a bank, credit union or online lender, which will typically offer a fixed interest rate for a period of three to five years.The rates available to you will depend on your credit scores.Consolidating debt is often your best alternative in these situations, and a counselor can help you with the process.The best way to consolidate debt is to consolidate in a way that avoids taking on additional debt.

If you have problems making ends meet, contact your creditors or a legitimate non-profit agency that specializes in credit counseling services for assistance.Instead, your unsecured debt payments are consolidated into one monthly payment to the agency, which in turn pays your creditors each month.Your credit counselor works with your creditors to try to reduce your interest rates and eliminate extra fees, like late charges or over-limit charges.After the 0% introductory period, the rate resets at a higher level.With a balance transfer to another credit card, you are almost always going to pay a balance-transfer fee.Start by visiting a credit union—they almost always offer the lowest rates (and federal credit unions can’t charge more than 18%).But personal loan rates can top out at 36%, so be sure to shop around.The best way to consolidate debt varies by individual, depending on your financial circumstances and preferences.For some, the best way to consolidate debt may be paying off smaller balances first and then adding those payments to the bigger bills until those are paid off.If you're facing a rising mound of unsecured debt, the best strategy is to consolidate it through a credit counseling agency.When you use this method to consolidate bills, you're not borrowing more money.


  1. Also find helpful debt consolidation and financial counseling resources. The best way to consolidate debt varies by individual, depending on your financial.

  2. If you have a very good credit score 700 or above, the best way to consolidate credit card.

  3. Mar 25, 2016. However, there are many different types of debt consolidation and debt. will hold the money in an escrow account and will not pay the credit.

  4. Jun 8, 2018. With credit card debt consolidation, all these unsecured debts are. If you can't qualify to consolidate debt on your own and/or don't want to.

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