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If you are juggling multiple credit card bills, you may benefit from the convenience of having one consolidated monthly payment.Consider all of the bills that the modern household pays (mortgage/rent, utilities, cell phone, cable, internet, etc.).The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.A debt consolidation loan is a good strategy if you: In this article, you can read about: Nerd Wallet’s top lenders for debt consolidation How to compare debt consolidation lenders How to consolidate debt successfully If your credit is good, you can apply for a 0% interest credit card and transfer your existing balances to it, which could save you money.Consolidated credit companies, like credit counseling agencies, usually point consumers at debt-relief options like a debt management program, debt settlement, a debt consolidation loan and, in extreme situations, bankruptcy.With credit consolidation, you take out a new loan and use it to pay off smaller loans.Debt consolidation is a strategy to roll multiple old debts into a single new one.
You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.
Debt consolidation loans allow borrowers to roll multiple old debts into a single new one, ideally at a lower interest rate.
Compare loans for debt consolidation and learn about your options for consolidating debt.
You’ll need a good to excellent credit score — above 690 — to qualify for most cards.
Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.
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However, a balance transfer card requires discipline to pay it off before the promotional rate expires, usually no more than 21 months.