Consolidating credit card debt com
If you prefer, you can use different strategies like the “debt snowball” or the “debt avalanche” instead.Before you start the process of consolidation, make sure it really makes sense.Especially if you only make the minimum payment, you’re barely making a dent in your loan balance, and it can be hard to keep your head above water.That said, consolidation isn’t the only way to pay off credit cards – it’s just a strategy that help you simplify and save money.It's also essential that you read the terms and conditions of any offers carefully to ensure you're getting as good a deal as you think you are, and watch out for additional fees.If you move your debt to make it easier to pay back, it's very important that you don’t spend any more on the card.
One method of consolidating credit card debt is to transfer the balances of multiple credit cards to a new one.
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.
Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.
The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.