Consolidating credit card debt into andrew poje and kaitlyn weaver dating
The following five tips can help you figure out which credit card consolidation strategy suits you best.
One of the first things you’ll want to do is check your credit reports for accuracy.
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. Failing to pay a personal loan as agreed will hurt your credit, so stay on top of your loan payments and work to build up a solid payment history.
No matter what credit card consolidation options you’re considering, be sure to ask about any fees you may have to pay and factor those numbers into your decision.
Be sure to check out any potential online lenders with the Better Business Bureau before applying for a debt consolidation loan online.
Personal loans charge simple interest (as opposed to credit cards, which often have variable rates and sometimes have different rates for a credit card balance transfer and purchases on the same card) and they typically have a loan repayment term of three to five years.
You also may not want to close your old credit cards, as this can potentially ding your credit scores as well.
By keeping your old credit cards open, you will not lower your credit utilization.
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.