Consolidating my credit cards

This is where credit card debt consolidation comes in handy, because you rein in those high payments and simplify them into one low payment instead. Choosing the right credit consolidation option depends on: Credit card debt consolidation combines multiple debts into one payment at the lowest interest rate possible. There are also ways to consolidate other types of debt, such as student loan debt consolidation.

That’s not to say that other debts can’t be included in your credit card debt consolidation plan.This allows you to focus on paying off the actual debt (principal), rather than just the accrued interest charges.Since more of each payment goes to eliminating principal, you can often get out of faster even though you may pay less each month.In some cases, this means you must pay the whole balance off every month (like with American Express cards); these are known as charge cards.In most other cases with general-purpose credit cards like Visa and Master Card, you pay a percentage of balance owed.Credit card debt has a way of causing problems for your finances.Other debts like loans have fixed payments that you can plan around in your budget.There are a few ways you can do this, including a balance transfer, a debt consolidation loan, a personal loan or a peer-to-peer loan.You can learn more about your options in the guide below and decide which one is right for you.Learn more about how to transfer credit card balances »To use this solution, you take out an unsecured personal loan (a loan without collateral).You use the money you receive from the loan to pay off your credit cards and other debts.

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