Consolidating your credit card debt

30-Mar-2017 10:33

consolidating your credit card debt-25

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You use the funds from this loan to pay off your debt. If you don’t or can’t pay back the home equity loan, you could lose your home.

The bank or lender could foreclose on it, no matter how small the home equity loan is.

These three different debt consolidation ideas allow you to compare them easily.

Use your debt consolidation loan responsibly, and you can be on your way to no debt.

Monica has covered credit card and personal finance news for over 15 years.

From an early age, she developed an interest in financial literacy and saving money.

When you look into a debt consolidation loan, look at the terms and conditions.

You want to look for any additional costs or fees you wouldn’t have with your current payments.

Make sure that you’re not paying a lot more overall.

You want to make sure that you’re making your situation better and not worse.

When you consolidate your debt, you take all of your payments and put them into one payment. If you have multiple credit card payments, you can consolidate them all into one payment. You might also end up paying more on the consolidated payment than you would have with the individual ones. Since consolidation involves taking out a loan, there are a few things to consider.

No matter which of the 3 ways you choose for consolidating credit card debt, make sure it works for your situation.