What is consolidating

25-Nov-2014 16:29

After that, the interest rate on your new credit card may rise, increasing your payment amount.Also, with many of these cards, if you’re late on a payment the credit card company can increase your interest rate.This will allow you to make one payment and sometimes will result in lower payments.Warning: Many zero-percent or low-interest credit card offers only last for a limited amount of time.Make sure you understand exactly when the low-rate on your balance transfer will end.Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment.If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments.

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If you’re not sure of the best way to address your debt, a credit counselor can help you explore your options.You can also reach out to your individual creditors to see if they will agree to lower your payments.