Consolidating credit card debt resources

14-Oct-2020 07:57

Credit card refinancing is a simple way to lower monthly interest payments, but it is, at best, a temporary fix unless you can pay off your debts quickly.All you need to do is move balances from your various cards to a single card offering an interest-free grace period, typically 12 to 18 months.

Depending on the rate at which the interest compounds, that can become a serious drain on a monthly basis.

If you’ve fallen behind and the amount you owe is growing each month, it’s time to make a plan and regain control.

Consolidation and refinancing are two of the most common ways to reduce credit card debt.

Most lenders let you pay off the loan early if have extra income available. These loans often charge origination fees of as much as 8% of the amount borrowed and the interest rate you pay during the repayment period can vary widely based on your credit score and other financial information.

There are advantages: Interest rates will almost certainly be lower than what you’ve been paying on your credit card balances and you will know in advance what the minimum monthly payments will be for the life of the loan, typically around five years.

Here are points to consider before seeking a consolidation loan.

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