Options for consolidating credit card debt

31-Oct-2017 02:25

options for consolidating credit card debt-55

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Don’t leave yourself without emergency funds just to consolidate debt. But if you quit or get fired, the entire 401(k) loan becomes due immediately, Collins says.

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But you will want to be sure that consolidating debt outweighs the lost principal and compound interest in retirement.

sturti/E /Getty Images You contract with a nonprofit credit counseling agency to negotiate with creditors and draft a pay-off plan.

Drawbacks: Before applying, ask about balance-transfer limits and fees, says Celeste Collins, executive director of On Track Financial Education & Counseling.

Also: You won’t learn the APR or credit limit until after you’re approved — if you’re approved.Compare home equity loan rates Fuse/Getty Images Also called a “signature loan,” a personal loan is an unsecured loan.