Best debt consolidating
The first is that you’ll likely need pretty solid credit to qualify for one of these credit card offers.The second is that once the introductory period ends, you’ll be back up to high interest rates — maybe even higher than your original cards.So if you don’t expect to pay off all your debt during that low-rate period, it might not be worth the effort.It’s just a matter of looking at the numbers to see what makes the most sense for your personal situation.The length of the payoff term determines how much you’ll pay each month and how much interest you’ll pay during the life of the loan.Shorter loan terms mean higher payments, but less interest paid overall (and depending on the loan amount, the difference could be thousands of dollars).Most lenders provide pre-approvals that won’t affect your credit score so you can check your eligibility no matter what your credit situation is.It may seem odd to fight debt with another credit card, but it can work in some instances.
The trick is to pay it all off within the 0% promotional period.
This way all of your payments go directly towards the principal and none of them are wasted on interest.
When every single penny you pay goes towards principal, climbing out of debt is a lot easier and faster.
With a longer loan term, your monthly payments are lower and more manageable, but you’ll make payments for longer and will pay more interest over the long run.
In addition to taking out a loan with a debt consolidation company, there are also a great variety of online lenders who make personal loans to people with all types of financial backgrounds.