Consolidating credit card debt into a personal loan

12-Dec-2019 20:08

Once the debt from your credit card companies is shifted over to the new lender, the balance on your cards will read as paid.

If the average interest rate on your credit cards is higher than the loan’s rate, you will save money, though there is often an upfront fee of a few percentage points to take the debt on.

The repayment time frame is between three to five years.

If you don’t pay it back, the debt will be taxed and a 10% penalty will be imposed.You would be switching unsecured accounts — your credit cards — for loans that are secured by the property.Contact your mortgage lender to discuss options, but also check with various other banks and credit unions to see what rates they’re offering.When you’re juggling multiple credit cards, managing them all like a pro while paying down the balances can be a major challenge.Wouldn’t it be nice to send just one payment every month and not have to worry about a variety of due dates?

If you don’t pay it back, the debt will be taxed and a 10% penalty will be imposed.

You would be switching unsecured accounts — your credit cards — for loans that are secured by the property.

Contact your mortgage lender to discuss options, but also check with various other banks and credit unions to see what rates they’re offering.

When you’re juggling multiple credit cards, managing them all like a pro while paying down the balances can be a major challenge.

Wouldn’t it be nice to send just one payment every month and not have to worry about a variety of due dates?

There is usually a small monthly administration fee.