Consolidating credit card debt your own bet com dating
Before you take the plunge into debt consolidation, here are some options to consider.Many credit cards offer limited-time 0% annual percentage rate (APR) promotional periods.If you are approved for a card that offers 0% interest on balance transfers, you can consolidate your high-interest debt by moving the balance of your other credit cards onto the new card.During the promotional period—which can be as much as 21 months—you won’t accumulate interest while you work to pay down the balance.However, if you can't make your payments on time, you risk losing your home. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. If your high credit card debt is stressing you out, you might be thinking about making a balance transfer or consolidating your debt.
Start by visiting a credit union—they almost always offer the lowest rates (and federal credit unions can't charge more than 18%).
You should always calculate the amount of the balance transfer fee and make sure that your new interest rate still saves you money despite paying that fee.
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.
But personal loan rates can top out at 36%, so be sure to shop around.
You may have to pay an origination fee for the loan, so be sure to ask about all the terms.The agency pays your creditors on your behalf and can sometimes even negotiate lower interest rates, debt forgiveness or lower monthly payments for you.