Consolidating credit card debt reviews

17-Jun-2016 17:19

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The major advantage of this method over a balance transfer is that they allow for larger lines of credit – as much as ,000 in some cases.

Also, because these are not revolving loans, one does not have to worry about "credit utilization" affecting their FICO score.

Peer-to-peer lending platforms have become one of the most popular supplies of debt consolidating personal loans.

According to the Consumer Financial Protection Bureau (CFPB), one of the more popular platforms, Lending Club, has facilitated over .4 billion loans as of September 2015.

Doing so can potentially save hundreds or even thousands of dollars, and can help you pay down your card loans quicker.

However, before consolidating one’s credit card debt, it’s important to understand all the strengths and weaknesses of the different options.

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There are some risks to your credit score that arise from dealing with balance transfer credit cards.The new card should have a lower interest rate, typically offering a 0% interest promotional period.These promotional periods can last anywhere between 9 and 21 months.The new line of credit you are issued sets the limit for how much of your balance you can transfer to it – typically banks will not issue credit limits larger than ,000.

The actual number will depend on your credit score and income.

How much of your available credit line you actually use is called “credit utilization”, and you generally want to keep it under 30%.