Consolidating debt with bad
“Sure, you can move debt around from one balance transfer offer to the next, but each time you do this you generally face a 3% fee, which quickly adds up,” says Nerd Wallet credit card expert Sean Mc Quay.“Eventually, the daisy chain of balance transfer offers will end and your debt will be due.” Also, moving multiple debts onto a single card may push your credit utilization ratio high enough to damage your credit score. A HELOC typically requires interest-only payments during the first 10 years.
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A personal loan taken from your local bank or credit union or an online lender may give you a lower interest rate on your debt, or help you pay off your debt in a shorter period of time.
Depending on your credit profile, you may get a lower interest rate at an online lender than at a bank.
If you are consolidating debt just to get a lower interest rate without really knowing how you’re going to pay the debt off, then you are simply moving the problem around instead of facing it.
You’ll have to change the behavior that got you into debt in the first place. Take a close look at your income and expenses and ask: If you answered “Yes” to either of these questions, skip down to read about your debt consolidation options.
There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.