What is meant by the phrase consolidating credit card debt

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Consolidated credit, debt consolidation, debt management – you've likely seen all of these terms and more while reading about merging all of your bills into one simple monthly payment.

what is meant by the phrase consolidating credit card debt-87what is meant by the phrase consolidating credit card debt-48

For a credit card consolidation loan to be worth your while, you’ll want a plan that offers a lower interest rate and/or lower monthly payments than you’re currently paying to your creditors.You’ll need a good to excellent credit score — above 690 — to qualify for most cards.Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.alternative to a credit card consolidation loan, you can work with your creditors and your budget to develop a plan to wipe out debt on your own.You might pay down your debts through a balance transfer or interest rate negotiation.Consolidation works best when your ultimate goal is to become debt-free.

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