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In the example above (based on data provided by the minimum payment calculator from Credit, you would have “saved” 217 months (or approximately 18 years) of making payments by paying a fixed manageable payment for 36 months.By moving all of your unsecured debt onto a personal loan, you’ll only have a single payment to make each month.Doing so can potentially save hundreds or even thousands of dollars, and can help you pay down your card loans quicker.However, before consolidating one’s credit card debt, it’s important to understand all the strengths and weaknesses of the different options.The new line of credit you are issued sets the limit for how much of your balance you can transfer to it – typically banks will not issue credit limits larger than ,000.The actual number will depend on your credit score and income.For a full list of our advertisers see our disclosure page.

Let’s say you have ,000 in credit card debt and your card has a 17.99% interest rate/17.99% APR, and you are making the minimum monthly payment.* You recently checked out your debt consolidation options and qualify for a 36-month personal loan with a 12.5% interest rate/15.742% APR.Debt consolidation is just one strategy you can use to help with your finances.Essentially, it’s a way to pay off one or more lines of credit in exchange for a loan that’s better suited to complement your financial goals.The site does not review or include all companies or all available products.Disclaimer: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. For a full list of our advertisers, see our disclosure page.

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