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Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.
Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.
You can see if your bank or credit union is able to provide you with a debt consolidation loan.
It might seem as though there’s no relief from high-interest balances, but you can take steps to lower your burden.Plus, our pre-payment options give you the flexibility to pay off your loan more quickly.If you own a home, using the equity you have built up may be one of the most cost-effective ways to lower your borrowing costs.For homeowners, one of them is to consolidate your debt and lower your monthly bills by refinancing your mortgage.You’ve probably noticed how low mortgage rates have been during the past few years.