Consolidating credit card debt with a personal loan

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Paying off more than one debt at a time is not uncommon.But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.All examples are hypothetical and are for illustrative purposes.

One potential option — which holds both upsides and downsides — is refinancing this debt by taking out a personal loan from a financial institution such as So Fi, Citizens Bank, or Upstart.If you have three different credit cards with debts of, for example, ,000, ,000 and ,500, you’re likely to also have three different interest rates and to be making three different repayments at different times each month.This can feel overwhelming and complicate managing your cash flow.Free Resource: Request an invitation to join Dominate Your Debt—Laura’s private Facebook Group A personal loan is money you borrow to pay for just about anything, such as your wedding, a dream vacation, a new computer, medical bills, or to consolidate other debts.There are two main types of personal loans: secured and unsecured.Page 1 of 3About one half of all American households are carrying credit card debt, with an average balance above ,000.

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