Loans for consolidating credit cards

There are a few different types of loans you can use to consolidate your debt.A home equity loan is a loan that's taken out using the equity in your home as collateral.There could be a downside to consolidating debt with a balance transfer - a hit to your credit score.Putting too much debt on one credit card could have a negative impact on your credit score as your credit utilization goes up.If the payments become unaffordable, you face foreclosure on your home.Because of that it's generally not a good idea to use a home equity loan as a debt consolidation loan.Instead, you're simply shuffling it around so that it becomes easier to pay.

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Combining your debts this way allows you to lower your monthly payment and makes it easier for you to afford your monthly bills.If you choose to transfer balances, make sure you know when the low rate will expire and the regular interest rate that will go into effect.

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