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Those who can pay down their debt faster might prioritize a card that has a shorter 0% introductory APR period on balance transfers in exchange for a 0% balance-transfer fee.
According to data from the Federal Reserve, the average interest rate on a 24-month personal loan was just over 10% per year in February.
In addition, a home-equity loan is an incredibly risky way to consolidate debt.
If you fail to repay a credit card or personal loan, the worst possible outcome is that a judgment in court forces you into bankruptcy.
Banks like these kinds of loans because they know that if you don't make your payments, they can take your home, sell it at foreclosure auction, and recoup most, if not all, of their money.
The borrower will be left with devastated credit and in search of a new place to live.
I bring up home-equity loans solely because they are commonly pitched as a great way to consolidate debt, not because I think they're a good way.