Tips for consolidating credit card debt
If you can find an APR that’s lower than what you’re paying on your cards, a balance transfer might be the route for you to take.
One benefit to transferring your balances to one card is that you only have to worry about one payment per month instead of several.
There are, however, things to consider when it comes to balance transfers.
It’s important to keep in mind that there are often balance transfer fees that come along with such cards, and often times your APR increases after a predetermined amount of time.
One way to consolidate debt that isn’t for everyone is implementing a debt management plan.
This route is typically for people who don’t necessarily have significant debt, but rather are struggling with high interest rates.
Some methods of consolidation are financially sensible and relatively simple, while other methods could end up putting you in more debt in the long run than you were before.
The lower your credit score is, though, the higher the interest rate will be — so make sure to take that into consideration if you go this route.
Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.
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