Credit card for consolidating debt

Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt and other types of debt.There are several ways consumers can lump debts into a single payment.“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D'Amore Mc Kim School of Business at Northeastern University."But your bank may not be looking to keep you as a client and your credit scores may not be high enough to meet their lending requirements.” If you’re turned down by your bank or credit union, Gagnon suggests exploring private mortgage companies or lenders.

If your consolidation loan is secured with an asset, however, you may qualify for a tax deduction.This works out to ,371.84 being paid in interest.The monthly savings is 5.21, and over the life of the loan the amount of savings is ,765.04.If you were to pay off each credit card separately, you would be spending 0 per month for 28 months and you would end up paying a total of around ,441.73 in interest.However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same 0 a month, you'll pay roughly one-third of the interest (

If your consolidation loan is secured with an asset, however, you may qualify for a tax deduction.

This works out to $2,371.84 being paid in interest.

The monthly savings is $115.21, and over the life of the loan the amount of savings is $2,765.04.

If you were to pay off each credit card separately, you would be spending $750 per month for 28 months and you would end up paying a total of around $5,441.73 in interest.

However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same $750 a month, you'll pay roughly one-third of the interest ($1,820.22), and you will be able to retire your loan five months earlier.

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If your consolidation loan is secured with an asset, however, you may qualify for a tax deduction.This works out to $2,371.84 being paid in interest.The monthly savings is $115.21, and over the life of the loan the amount of savings is $2,765.04.If you were to pay off each credit card separately, you would be spending $750 per month for 28 months and you would end up paying a total of around $5,441.73 in interest.However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same $750 a month, you'll pay roughly one-third of the interest ($1,820.22), and you will be able to retire your loan five months earlier.

,820.22), and you will be able to retire your loan five months earlier.

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