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Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).Whichever option you choose, you will use it to pay off your multiple balances.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.Not only does that simplify your debt payments, it can also help you save money.
And, Credit.com’s free credit report summary can help you understand what’s inside your credit report. There are several safe and smart ways to consolidate credit card debt, so you’ll want to research them before deciding what’s best for you.
Some strategies will be more affordable than others, and your credit card consolidation choices may be limited by your credit standing.
Personal loans charge simple interest (as opposed to credit cards, which often have variable rates and sometimes have different rates for balance transfers and purchases on the same card) and they typically have loan terms of three to five years.
By consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt.
You may be able to consolidate your debt with a personal loan from your bank or credit union.