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Consolidating credit cards calculator

consolidating credit cards calculator-7

This helps eliminate mistakes that result in penalties like incorrect amount or late payments.

You also could look at a personal loan to pay off your balances.This can allow you to set aside a portion of your income each month to pay down balances for each card, one at a time.When you have paid off all the cards, choose one and be responsible with how you use it.You could get a home equity line of credit, a home equity loan or a second mortgage on your home, or refinance your existing mortgage.Other options include borrowing against a whole life insurance policy and borrowing against you retirement savings.Be aware, however, that balance transfer cards often charge a transfer fee (usually 3%), and some even have annual fees.

Another DIY way to consolidate your credit card debt would be to stop using all your cards and pay using cash instead.

Utilizing a debt management plan could affect your credit score.

However, at the end of the 3-to-5 year process, you should be debt free, which definitely improves your score.

That's where debt consolidation and other financial options come in.

Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.

Any savings could be used to start an emergency fund to help prevent a future financial crisis.