affirm match dating site - Consolidating credit card debt pros and cons

Before opting for a home equity loan to pay off a credit card balance, use a debt consolidation calculator to compare monthly payments.

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Consumers with too much debt, particularly revolving debt such as a credit card balance, sometimes consider credit consolidation as the answer to their financial woes.

As with any major financial decision, though, consumers need to do their research before opting for a debt consolidation loan.

In this episode, I’ll tell you the pros and cons of using personal loans to consolidate or pay off credit card debt.

You’ll find out the best places to apply for a personal loan and how consolidating affects your credit score.

Free Resource: Request an invitation to join Dominate Your Debt—Laura’s private Facebook Group A personal loan is money you borrow to pay for just about anything, such as your wedding, a dream vacation, a new computer, medical bills, or to consolidate other debts.

There are two main types of personal loans: secured and unsecured.

Debt consolidation loans for borrowers with substantial credit card debt may carry a high interest rate.

Some homeowners choose a home equity loan instead for consolidating their debt.

See also: 5 Ways to Get a Loan With Bad Credit You can get a personal loan at most banks, credit unions, and a variety of online lending companies.

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