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By consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt.You may be able to consolidate your debt with a personal loan from your bank or credit union.Whichever option you choose, you will use it to pay off your multiple balances.Then you’ll only have one monthly payment: the loan, the credit card, or the debt management plan.
Keep in mind a debt management plan may have a negative impact on your credit during the course of the program because your creditors will close or suspend your accounts while in the program, and this can affect your credit utilization.
If you’re feeling weighed down by several credit card balances, credit card debt consolidation could provide some serious relief from your financial woes.
Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card, or enroll in a debt management plan (more on that later).
Promotional interest rates expire — like 12 months of a 0% APR on a balance transfer card — so make sure you can repay your debt within that time frame. Failing to pay a personal loan as agreed will hurt your credit, so stay on top of your loan payments and work to build up a solid payment history.
No matter what credit card consolidation options you’re considering, be sure to ask about any fees you may have to pay and factor those numbers into your decision.