Working hard to pay off high-interest debt and feel like you could use some breathing room? Two popular tools include debt consolidation loans—a personal loan you take out to pay off other debts with—and balance transfer credit cards offering 0% introductory APR periods.
Either can allow you to consolidate multiple debts into one monthly payment, streamlining your financial obligations. And, either can potentially help you save on interest compared to what you would have paid on your original debts. So, which is the right tool for your situation?
The answer will depend on factors such as how much debt you’re carrying and how much money you can afford to put toward your payment each month. We’ll help you decide.
Read the original article here