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The card offers a decent sign-up bonus plus bonus rewards on everyday spending categories that rotate every quarter.
This means that if you have a three-year repayment term, you know you’ll be free from credit card debt in three years.
The main drawback to balance transfer cards is that many of them charge a balance transfer fee, which is typically three percent or five percent of the transfer amount.
That said, your credit usually needs to be in at least good shape to get favorable terms on most debt consolidation products.
Debt consolidation can help you get rid of the symptom — the debt — but it won’t help you solve the core problems for why you’re in debt in the first place.
We invite readers to respond with questions or comments.
In general, debt consolidation loan means taking out a new loan to pay off one or more other debts.
The new loan typically has a lower interest rate than what you’re currently paying, allowing you to pay off your debt with less interest.