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Step Change Debt Remedy, our online debt advice tool, can identify the best debt solution for your personal circumstances, and we can help you every step of the way. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.if you do keep spending your situation will get worse, rather than better.You can also consolidate your credit card debt by taking out a personal or consolidation loan to pay off your credit card balances.If you do keep spending on the card, you risk taking your debt back up to the maximum limit and, in effect, doubling the original debt.Always remember that if you have financial problems, you're very unlikely to solve them by debt consolidation.The loan may give you a lower interest rate on your debt or help you pay it off faster.Nerd Wallet recommends visiting your local credit union first.
Lenders don’t charge fees for paying off your loan early, but they may charge upfront origination fees that range from 1% to 5% of your loan.Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.It's also essential that you read the terms and conditions of any offers carefully to ensure you're getting as good a deal as you think you are, and watch out for additional fees.If you move your debt to make it easier to pay back, it's very important that you don’t spend any more on the card.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. " Debt consolidation is a strategy to roll multiple old debts into a single new one.