Consolidating your debt your mortgage
Promotional interest rates expire — like 12 months of a 0% APR on a balance transfer card — so make sure you can repay your debt within that time frame, otherwise you may not be saving any money at all.
The best way to consolidate credit card debt — and whether consolidation will work for you at all — depends on your situation, so you might want to consult a non-profit credit counselor about your best options.
The following five tips can help you figure out which credit card consolidation strategy suits you best.
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.
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