Title: How to consolidate credit card debt | Lexington Law
Headings: How to consolidate credit card debt
How to consolidate credit card debt
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How does debt consolidation work?
4 ways to consolidate credit card debt
1. Get help from non-profit credit counseling
2. Use a 0% balance transfer card
3. Take out a personal consolidation loan
4. Take out a home equity loan
Benefits of using home equity
Drawbacks of using home equity
How to consolidate credit card debt with bad credit
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Apply for a personal loan
Consider a debt management plan
Hire a credit repair service
File for bankruptcy
Consider these elements when considering bankruptcy:
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Content: If you have poor credit and apply for a balance transfer card, a hard inquiry may appear on your credit report, further damaging your score. Balance transfer cards may worsen your debt. If you use the funds from a balance transfer card for anything other than debt consolidation, you may increase your debt and owe more money in the long term. If you’re committed to eliminating credit card debt and are sure you won’t need to use old credit during repayment, a balance transfer card may be a good option to pay back credit card debt or other outstanding balances while capitalizing on lower interest rates. If you decide to use a balance transfer card to consolidate debt, compare the features of multiple cards before settling on the best balance transfer card for you. 3. Take out a personal consolidation loan
Debt consolidation loans work by providing the funds needed to pay off individual creditors quickly. Once each credit card debt has been repaid by the funds from the loan, only one monthly payment is needed to pay off the loan. This is a simpler way to repay credit card debt than paying back multiple accounts at once and can be obtained through personal banks or debt relief companies. Taking out a personal loan to consolidate credit card debt is a good choice for those prepared to quickly pay back high-interest credit card accounts without using additional credit.