Debt Consolidation Can Help Pay Off Credit Card Debt

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This story is part of the CNBC Make It’s 1-Minute Money Hacks Series. This article provides simple, straightforward tips and tricks to help you understand your finances.

Credit card debt can be challenging to pay off. The average credit card interest rates hover at 16%

You can consolidate your credit card debt by getting a personal loan. This loan is available from central banks.

Credit card debts should be paid off first; then, you need to focus on the loan.

debt consolidation loan offers many benefits, including a lower annual interest rate. Instead of reducing your monthly credit card debts month to month, you’ll only have to make one monthly payment.

It can also help your credit score if you pay off the loan on time.

Consolidating debt loans is not a good solution. You must apply for the loan to be approved. Your credit score will determine the interest rate. Credit cards may have a lower interest rate.

The length of a loan can have an impact on your ability to repay it faster.

Be aware of any fees that may be associated with consolidation, such as the assembly costs. These fees could negate any savings you may make.

Consolidating debt is an option but not a requirement. If you have difficulty managing your debt, consolidating it is not an option.

Check out this video: Meet a middle-aged millennial owner who is in debt and 40

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