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If you are struggling to pay off multiple credit cards, consolidating your debt might allow you to reduce your interest rates and lower your monthly payment.However, a lower monthly payment can mean a longer repayment term and more interest paid over the life of the loan.It also can calculate how much you could save on interest payments should you switch to a 0% balance transfer card.The best balance transfer deals are reserved for those with a high credit score and clean credit history.Also keep in mind that you might have to transfer money between cards within the first few weeks or months of taking out the card.
It’s during this time that your repayments stretch further as you’re not paying interest on your balance and can clear your debt sooner.(To learn more about debt relief companies and why you should generally avoid them, read Beware of Debt Relief Services.) Below are some of the main factors you should consider when deciding whether consolidating your credit card debt is in your best interest.Consolidating your credit card debt does not eliminate it.Remember, it’s always a good idea to pay more than the minimum, so you clear your balance quicker and minimise any interest payments.You can look for cards that offer low interest rates or, better still, cards that offer a 0% interest on balance transfers for a promotional period.
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When you obtain a debt consolidation loan, you pay off all of your outstanding credit cards with its proceeds.