Consolidating credit cards pros cons
And if you choose the right card -- one that provides a year or more of 0% interest -- you can quickly make progress on paying down the debt while having a lower monthly payment."If you can’t pay the loan back, you could lose your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan."Banks and other financial institutions offer unsecured loans for the specific purpose of consolidating other debt.While these may be an alternative, the interest rate can be fairly high..Credit card debt can sneak up on your before you know it.
Christmas time hits, bills come in all at once or personal circumstances arise which leave you with empty pockets.
Mc Clary, whose organization represents non-profit credit counselors, agrees.