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Since the interest rate on a personal loan is often considerably lower than on a credit card, and the repayment term potentially much longer, the consolidated payment may be much lower, as you indicated.
If you are struggling to keep up with your monthly payments, consolidating your debt in this way can certainly help alleviate financial stress.
A credit rating is an assessment of an individual's creditworthiness.
This evaluation is based on an individual's history of borrowing money and repaying debts.
You can get your free annual credit report from each of the three major credit reporting agencies — Trans Union, Equifax and Experian.
And, Credit.com’s free credit report summary can help you understand what’s inside your credit report. There are several safe and smart ways to consolidate credit card debt, so you’ll want to research them before deciding what’s best for you.
The best way to consolidate credit card debt — and whether consolidation will work for you at all — depends on your situation, so you might want to consult a non-profit credit counselor about your best options.
The following five tips can help you figure out which credit card consolidation strategy suits you best.
If a person is unable to demonstrate an ability to repay debt, his or her request for a loan will be denied.
Married couples generally maintain two separate credit records and histories.
People often ask us about debt consolidation and whether consolidating their debts will affect their credit.