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Debt consolidation is a means of debt refinancing that involves taking out a new loan to pay off other loans and credit card debt.
People traditionally use personal loans, low-interest balance transfer credit cards, and debt management plans for debt consolidation.
This calculator is based on making the minimum repayment amount at a 18% interest rate.
The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.
Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.
Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.
Debt consolidation is a strategy to roll multiple old debts into a single new one.
Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.
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