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For individuals with debt on several credit cards, it can make sense to transfer the balances over to the card with the lowest interest rate, creating one payment and lowering interest overall.Some people even open a new card with a 0 percent APR for a promotional introductory period (many of these run the gamut from six to 24 months) and transfer other balances over to that card.“If you’re not absolutely positive that you can pay off your debt in that time frame or if you think you might struggle with building up your debt on credit cards once again, I think getting a new credit card is probably not a good idea,” said Germano.A home equity loan gives the borrower access to home equity in cash, which can be used to pay off other debts.“There may be restrictions by the lender, but generally, most debts can be consolidated or settled.” You can take out a personal loan to pay off existing debts and then work to pay off that loan over time.

There are also a variety of private lenders that will allow you to consolidate either private or federal student loans.The specifics of how debt consolidation works will vary by the type of debt you have and the method you choose.“Depending on the type of consolidation, there are firms that will negotiate any sort of debt that’s out there,” said Rod Griffin, director of consumer education for the credit bureau Experian.By using debt consolidation loans, you can save considerably — sometimes up to 40 percent of the total debt.Enter your current debts into our loan calculator to start creating a plan to eliminate your debt.This can be a viable solution if you think paying the card off within that promo time frame is doable.

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