Consolidating credit cards good or bad

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Make sure you know what rate will be in effect after the first couple of months.

If it's too high, this option may not be your best choice.

Read the small print about credit card teaser rates.

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If you have a credit card with a low interest rate, you might consider transferring the balance from a high-rate credit card to the lower rate one.

When you're struggling with lots of debt, debt consolidation may be an attractive solution.

This term refers to combining your debts into one, and making one monthly payment to one creditor instead of making multiple payments to many creditors.

Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.

Other options for borrowers with bad credit include secured or co-sign personal loans.

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