0:00
The Ultimate Guide to credit card deck
0:02
consolidation credit card deck can feel
0:04
overwhelming especially when juggling
0:06
multiple accounts with high interest
0:08
rates debt consolidation offers a way to
0:11
simplify your finances and take control
0:13
of your financial future this
0:15
comprehensive guide explores what credit
0:17
card deck consolidation is how it works
0:20
the options available and tips for
0:22
Success what is credit card debt
0:24
consolidation debt consolidation
0:27
involves combining multiple credit card
0:29
balances into a single loan or credit
0:31
account this process streamlines
0:33
payments potentially reduces interest
0:35
rates and makes it easier to manage your
0:38
debt instead of paying multiple
0:40
creditors each month you only make one
0:42
payment to your new consolidated loan or
0:44
account benefits of debt consolidation
0:47
simplified payments one monthly payment
0:50
is easier to manage than several lower
0:52
interest rates consolidation often comes
0:54
with lower interest rates saving you
0:56
money in the long run improved credit
0:59
score regular ontime payments to the
1:01
Consolidated account can boost your
1:03
credit score reduce stress a single
1:06
payment plan reduces Financial
1:08
complexity helping you focus on becoming
1:10
debt-free types of credit card debt
1:13
consolidation one balance transfer
1:15
credit cards how it works transfer your
1:18
existing credit card balances to a new
1:20
card with a 0% introductory APR Pros
1:25
interest free period often 12 to 18
1:27
months cons transfer fees usually 3 to
1:30
5% and high interest after the
1:33
promotional period ends D four those
1:36
with good credit scores to can pay off
1:38
the debt quickly two debt consolidation
1:41
loans how it works take out a personal
1:43
loan to pay off all your credit card
1:45
balances Pros fixed interest rates and
1:49
predictable monthly payments cons
1:51
requires a good credit score for the
1:53
lowest rates best for individuals who
1:56
need a longer term repayment Plan Three
1:59
home Equity loans or helux how it works
2:03
use your home's Equity to secure a loan
2:05
or line of credit to pay off credit card
2:07
debt Pros lower interest rates compared
2:10
to unsecured loans cons puts your home
2:13
at risk if you can't repay Des for
2:15
homeowners with substantial equity and
2:17
disciplined repayment habits for debt
2:21
dmps how it works work with a credit
2:24
counseling agency to create repayment
2:26
plan Pros agencies negotiate lower
2:29
interest rates or wave fees with
2:31
creditors cons may affect your credit
2:34
score temporarily Des four those who
2:37
need structured help managing their debt
2:39
five Cash Out refinancing how it works
2:42
refinance your mortgage and use the
2:44
extra cash to pay off credit card debt
2:47
Pros lower interest rates compared to
2:49
credit cards cons increases your
2:52
mortgage balance and repayment term test
2:55
four homeowners comfortable with
2:57
extending their mortgage steps to
2:59
consolidate credit card debt assess your
3:01
financial situation calculate your total
3:04
debt interest rates and monthly payments
3:07
check your credit score your credit
3:09
score affects the interest rates and
3:11
terms you'll qualify for
