Consolidating consumer credit card debt

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Review this option with your human resources department and a qualified financial planner.

You would be required to close the accounts and agree to not open more while the plan is in effect.If a balance remains when the standard APR applies, but the APR is still lower than what you had with the original accounts, you will continue to come out ahead.There are many balance transfer cards, so review the bulk of them before deciding.A home equity loan allows you to borrow a lump sum with a fixed interest rate, and a home equity line of credit (HELOC) — where you draw against the equity whenever you need it — has a variable interest rate, so the rate can increase over time.The interest rates on both types are significantly lower (around 7%, as per U. Bank’s calculator for a ,000 loan or HELOC) than those of credit cards, which are averaging APRs of 17%.

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