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Please visit our Advertiser Disclosure to view our partners, and for additional details.If you’re juggling multiple credit card balances and want to pay down your debt faster, it might be time to consolidate your debt. By merging your debts onto a balance transfer credit card, you can reduce the number of payments you’re making, save money on interest, and finally get rid of your debt.
While it might seem unlikely that another credit card would leave you better off, some cards were made for this purpose. Most balance transfer cards offer 0% APR for anywhere from 12 – 21 months, and a few don’t even charge a balance transfer fee.
Keys to successful debt consolidation
There are a few things to keep in mind when consolidating your debts. First, you’ll need good credit to get a good balance transfer deal. If you don’t have good credit, you may want to consider other ways to consolidate debt.
Next, make sure you look closely at the balance transfer card’s “go-to” interest rate — the APR that’s charged once the promotional period is over. Often these rates are higher than regular credit cards. If you can’t pay off the balance before the go-to rate takes effect, you may be better off sticking with the cards you have, or trying to find a low interest card instead.
Third, take a look at the balance transfer fee. Most cards charge about three percent of the amount you’re transferring. You’ll usually still come out ahead even with the fee, but be sure to check.
Most importantly, you need to have a plan for how to get out of debt and stay out. Use the no-interest period to pay off as much debt…
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