What types of loans can be used for debt consolidation?
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2 Answers
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Try a personal loan first, or a balance transfer card if you can clear it before the promo rate ends, just track those fees.
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When I sorted through my own credit card mess, I looked at a few consolidation loan options that made sense. A personal loan can combine a handful of cards into one payment with a fixed rate, so I could plan my budget easier. Balance transfer cards work if you can pay most of the balance during a zero or low interest period, just watch the fees. I also explored using a home equity line, but decided against it because it puts your house on the line. Some friends have even used 401k loans, but I preferred to leave that money alone. Compare interest rates, fees, and any penalties before choosing.
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