A balance transfer is a process that allows you to move debt from one high-interest credit card to another lower interest card. With a balance transfer, you could potentially save money on interest rates and make real progress against debt, even if you had trouble getting traction before.
If you’re making separate payments on high-interest credit cards, auto loans and personal loans and feeling underwater, debt consolidation might help get your feet back on solid ground.
The average American household carries over $6,741 in credit card balance from month to month. With high interest rates and penalties, credit card debt can create a heavy burden that might feel inescapable. If you’re carrying credit card debt, most of your monthly payments are going to paying off interest instead of chipping away at the principal. Refinancing with a personal loan can get you a lower interest rate, so the debt will increase slower, allowing you to pay off more of the principal.
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