I HAVE ONE OR TWO CREDIT CARDS THAT ARE VERY HIGH APR AND WITH BALANCES OF $5000.00 EACH. WHERE IS THE BEST PLACE FOR ME TO GO TO GET A CONSOLIDATION LOAN WITH A LOWER APR
Thanks for visiting Bills.com. Several possible solutions to your problem come to mind, but the best one for your situation will depend on several factors.
If you want help with your debt, follow this link:
If you are simply looking to balance transfer your existing cards into another credit card with a lower APR, or one with a 0% introductory rate, you may want to explore www.creditcards.com.
A card such as the Discover Platinum, with a 0% APR for 12 months, and 10.99% thereafter, is certainly a good deal, as far as credit cards go. You could also look into a personal loan to consolidate these two cards – check out the loans section of the Bills.com Savings Center for unsecured debt consolidation loans that may fit your needs.
However, your ability to qualify for either a credit card or a personal loan that will actually save you money greatly depends on your credit score. If you have excellent to very good credit, the unsecured options may work for you. However, if your credit is less than perfect, and you own a home, a secured debt consolidation loan may be right for you. The interest rates are certainly lower than unsecured loans or credit cards, but be careful before you borrow money against your home to pay off these two credit cards; you would be converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt.
However, secured debt consolidation loans work for many people, so this is an option to consider carefully - again, the Bills.com Savings Center is a great resource to help you find this type of loan. These three options are the primary types of debt consolidation loan available, though they are by no means the only way to address your debt problems.
If you need debt help, as opposed to a balance transfer or another loan, you can apply with Bills.com's partners here: /debthelp/debt/
I hope this information helps you Find. Learn & Save.