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Keep in mind that you’ll need Be sure to check out any potential online lenders with the Better Business Bureau before applying for a debt consolidation loan online.And you can verify if a lender is registered to do business in your state by contacting your state Attorney General’s office or your state’s Department of Banking or Financial Regulation.We also highlight your rights as a borrower, explain your bankruptcy options, as well as give you an honest assessment of payday loans.Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).Whichever option you choose, you will use it to pay off your multiple balances.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.
A lender may lower the interest rate on your credit card balance when you participate in a debt management plan.
If you’ve got mountains of debt piling up, it can be all-too-easy to throw your hands in the air and turn a blind eye to burgeoning balances.
But, remember, ignoring your debts won’t make them go away and, moreover, there are ways to get out of the red.
You may be able to consolidate your debt with a personal loan from your bank or credit union.
But, before applying, be sure to ask about the lender’s credit requirements.
For example, if you’re consolidating multiple balances onto one card, you’ll want to avoid maxing out that card’s credit limit, because that will hurt your credit utilization rate (how much debt you’re carrying compared to your total credit limit).