Is consolidating your credit a good idea

Posted by / 21-May-2018 03:53

Is consolidating your credit a good idea

Minimum monthly payments aren’t doing the trick to help nix your debt.

Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.

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.» MORE: Compare personal loan rates on Nerd Wallet Pros: Back to top If you’re a homeowner, you can take out a loan or line of credit on the equity in your home.A home equity loan is a lump sum loan with a fixed interest rate, while a line of credit works like a credit card with a variable interest rate.Most will give you a rate without a “hard inquiry” on your credit, unlike many banks and credit unions.For online lenders, the lowest rates go to those with the best credit; rates top out at 36%.

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