Debt Consolidation: Personal Loans
If you can’t pay off your credit card, one option could be to consolidate your high-interest credit card debt into a type of credit with a lower interest rate, such as a personal loan.
However, Barton says your credit score will be a factor in what sort of interest rate you’d be able to get, or whether you can qualify for a personal loan at all.
She says people with a mortgage can also consider consolidating their credit card debt into their home loan, which will have the benefit of an even lower interest rate than a personal loan but comes with the risk of putting your home on the line, should you fall behind in your mortgage repayments.
Debt Consolidation: Balance Transfer Cards
Using a
