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If you’re paying on multiple credit cards and only making the minimum payments each month, your interest is going to add up in the blink of an eye.
Typically, consolidating your high-interest debt with a balance transfer or personal loan allows you to make one monthly payment, save money in interest and pay off your debts in a shorter amount of time.
Maybe you’ve made a few positive strides to get your finances on track or you recently got a raise at work.
Financial situations change all the time, so you might be able to receive a better interest rate on a personal loan than the existing rate on an older line of credit you have.
There are many companies who offer balance transfers and personal loans, so research them to determine your best fit.
You’ll also want to be sure to read the fine print – there may be fees attached to the loan you that you didn’t know about.
Revolving debt is the form of debt that many credit cards use.
Your credit helps determine the interest rate you receive on your loan.Essentially, it’s a way to pay off one or more lines of credit in exchange for a loan that’s better suited to complement your financial goals.There are various personal incentives that make consolidating with a personal loan an attractive option to explore. Paying off your credit card balances with a personal loan could help you save on interest, increase your credit score and change your debt from revolving to installment debt, among other benefits.Let’s say you have ,000 in credit card debt and your card has a 17.99% interest rate/17.99% APR, and you are making the minimum monthly payment.* You recently checked out your debt consolidation options and qualify for a 36-month personal loan with a 12.5% interest rate/15.742% APR.If you decide to continue paying the minimum on your credit card, it will take you 253 months to pay off and you’ll pay ,581.65 in total interest.