Best credit card for consolidating debt
If you're going the personal loan route, scout lenders in your community and online through a loan comparison site like Credible.
Make sure you can get approved for a loan that is enough to cover your debt and that you score a lower interest rate.
If you want to consolidate credit card debt, you need to know the numbers. There are various options you can pursue for credit card consolidation, but the two most popular options are: Open a balance transfer card A balance transfer card allows borrowers to transfer their balances onto a new credit card, typically with a 0% interest rate for an introductory period of time.
If you're able to pay off your debt within the promotional period at a 0% interest rate, you have the potential to save a lot of money on interest.
For both credit card consolidation options, your credit will come into play and determine your approval as well as your interest rate.Once you've decided on a credit card consolidation option, it's time to apply.If you're going with the balance transfer card route, apply directly with the credit card company.Credit card consolidation can seem like a great solution to your problem.While credit card consolidation can help streamline your payments and potentially save you money on interest, if you're not careful it can lead to more debt.