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This method works best if you have a plan to pay off your debt within the 0% promotional period.
You still may be able to find a personal loan even if your credit history isn’t long or good, but you’ll likely pay higher interest.If you think you can successfully manage your debt, then ask yourself a few more questions.You’ll need to think about which options are open to you, given your credit history and assets.However, if misused, consolidation can make bad debt even more difficult to manage.See Step 1 below to start learning how (and when) to consolidate your debt.“When you borrow from a HELOC, you may be spreading the debt out over a longer period, which means you end up paying more in interest,” Weston warns. Cons: This is a secured loan, which means that your house is on the line if you don’t keep up with payments.
A personal loan taken from your local bank or credit union or an online lender may give you a lower interest rate on your debt, or help you pay off your debt in a shorter period of time.
Damage to your credit is severe, and personal finance experts and regulators warn against this strategy in the strongest terms. (However, its impact fades over time if you handle new credit responsibly.) In some cases, bankruptcy may be the only long-term option to rebuild your finances.
Initial consultations for both bankruptcy attorneys and credit counselors are usually free.
You also can borrow against the equity in your home, a retirement account or a life insurance policy.
Avoid surprises: Before you start, get a handle on your credit scores and get a free copy of your credit reports. This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it, usually for a small fee.
Obtain an Unsecured Personal Loan Obtain a Secured Loan by Offering Property as Collateral Obtain a New Credit Card Work through Consumer Credit Counseling Services Community Q&A Debt consolidation is the process of using a single large loan to pay off multiple smaller debts.