Down side to consolidating bills matt nordgren dating audrina
You get a lump sum of money, often with closing costs taken out, which you can then use to pay off your debt or for any other purpose.
You’ll have a fixed monthly payment and a repayment schedule.
He covers real estate, gas prices and the economy and has reported extensively on negative-option sales.
He was previously an Associated Press reporter and editor in Washington, D.
The rate you get depends on your credit history and income.
And if you choose the right card -- one that provides a year or more of 0% interest -- you can quickly make progress on paying down the debt while having a lower monthly payment.
One things to consider, however, is most balance transfer cards charge a fee of 3% of the balance you are transferring.
Bruce Mc Clary, Vice President, Communications at the National Foundation for Credit Counseling (NFCC), says a consolidation loan can sometimes save money in the long run if it has a lower interest rate and fees.
And since most of the debt most consumers have is on credit cards, there is a very simple way to consolidate it."Consolidating unsecured debt can be done by transferring multiple balances to a single credit card," Mc Clary told Consumer Affairs.
Search for down side to consolidating bills:
Options for smaller debt loads that don’t put your home at risk include: 0% balance transfer card: For people with good or excellent credit, issuers offer balance transfer credit cards with introductory no-interest periods from six months to two years.