Credit Card Consolidation

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What is Credit Card Consolidation?

Credit card consolidation is a way to combine some or all of your debt into one payment. According to the Consumer Finance Protection Bureau (CFPB):

"Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment. If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments.

Options for credit card consolidation include 0% intro APR balance transfer credit cards, personal loans, HELOCs, and debt relief. Credit card consolidation allows you to pay off multiple debts into one affordable payment at lower rates and fees.

Credit Card Consolidation Considerations

  • Lower your interest Rates

  • Protect your credit

  • Time to Get Debt Free

How to Consolidate Credit Card Debt

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Credit Card Consolidation Loans

Personal Loans: One of the easiest ways to consolidate credit card debt is to take out a personal loan. If you have good to excellent credit, you can receive lower interest rates that allow you to pay off your debt quicker and save money.

An excellent place to start is by checking today's interest rates and get an offer that does not affect your credit score. 

Mortgage Loans: Are you looking to lower your monthly payments? If you have equity in your home, then consider taking out a home equity loan or a cash-out refinance mortgage. You can benefit from low-interest rates. Take into consideration that you will be stretching out your payments so that you might pay more over the long-run.

Start by checking today's interest rates and get an offer that does not affect your credit score.

Credit Card Consolidation Options

You are probably wondering: Should I consolidate my credit card debt?

The short answer: There is no one size fits all when it comes to credit card consolidation. You must match your financial situation with the appropriate debt solution. For example, if you have a good income, but poor financial management, then a snowball debt plan or a personal loan can put you on the right path. However, if you are struggling with minimum payments or in financial hardship, then look for other debt solutions.

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