Consolidating your credit card debt simply means turning multiple balances into one by transferring all your credit card debts onto one card. Besides giving you the convenience of only having to make one monthly payment instead of several, consolidating credit card debt is really about saving money by finding the best interest rate possible for the sum total of your debts. Consolidation generally reduces the total amount paid out each month, and may also reduce how long you will be in debt. Remember that if you choose a consolidation loan, you should close out all but one credit card account.

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Filed under: Credit Card Debt • Debt Consolidation

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