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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 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.“If the principal is paid down faster [than it would have been without the loan], the balance is paid off sooner, which helps to boost your credit score,” says Freeman.For example, say an individual with three credit cards and a total of $20,000 owing at a 22.99% annual rate compounded monthly needs to pay $1047.37 a month for 24 months to bring the balances to zero.Debt consolidation loan interest payments are most often tax deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.

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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.“If the principal is paid down faster [than it would have been without the loan], the balance is paid off sooner, which helps to boost your credit score,” says Freeman.For example, say an individual with three credit cards and a total of ,000 owing at a 22.99% annual rate compounded monthly needs to pay 47.37 a month for 24 months to bring the balances to zero.Debt consolidation loan interest payments are most often tax deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.

Creditors are willing to do this for several reasons – one of them being that it maximizes the likelihood of collecting from a debtor.These loans are usually offered by financial institutions, such as banks and credit unions; there are also specialized debt-consolidation service companies.There are two broad types of debt consolidation loans: secured and unsecured.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.Secured loans are backed by an asset of the borrower’s, such as a house or a car, that works as collateral for the loan.More traditional, unsecured debt consolidation loans, which are not backed by assets, can be more difficult to obtain.“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.Even if the monthly payment stays the same, you can still come out ahead by streamlining your loans.Say that you currently have three credit cards that charge a 28% APR; they are maxed out at ,000 each and you're spending 0 a month on each card's minimum payment.

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  1. This is an established debt consolidation method. their credit / debt scenario with debt consolidation remortgages. Choice Finance home owner loan.

  2. Simplify your debt by consolidating multiple loans into one. Learn more about your options for consolidating to lower your monthly payments.

  3. A Home Equity Line of Credit can be used to consolidate your higher interest rate debt from multiple credit cards or personal installment loans into a single loan.

  4. Debt consolidation, home improvement. If You're Looking for a Debt Consolidation Loan, You Should Consider a. is now much more difficult to secure mortgage finance.

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