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Best Debt Consolidation Loan?


qbee
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I owe around $16,000 in credit card debt. I don't have any late payments and my credit is still good but I want to pay off this off. It's on two credit cards right now, with average APRs.

My credit union offers a debt consolidation loan at 16%, which I think is too high and they won't extend my credit with the cards I have with them to take on the entire debt.

What are my options? A balance transfer to another card with a low introductory rate? I'd like to at least consolidate into one payment.

Thanks in advance.

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Welcome...

If you're looking for a lower total payment, then yes a new card with a high enough limit and no interest for a year might work...

On the other hand, if you can afford higher payments, then cut up the cards you have, and just make double or triple the minimum on them until they're paid. The balances will go down fast enough to save you interest.

In my experience, consolidate loans feels too much like "...gee, now I have more credit I can use..."

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