Credit cards are great for a lot of reasons. They can give you cash back, help you earn rewards, provide you with an emergency cash source and help build credit. But what happens when having credit cards turns into credit card debt?
Credit card debt may seem overwhelming. If you have multiple accounts with differing balances, the idea of tackling the debt may feel like a daunting task. Luckily there is a way to approach credit card debt in a way that could save you money and stress: Credit card debt consolidation.
5 Ways to consolidate credit card debt fast
Depending on how much debt you have, credit card debt consolidation could be a good idea. Credit card debt consolidation merges your card debts into a singular payment—typically for a lower APR. If you think consolidation may be the right route for you, here are 5 ways to quickly consolidate your credit card debt.
Refinance with a balance transfer card
A balance transfer card, also known as credit card refinancing, transfers all of your credit card balances onto a new card. The balance transfer card will charge an introductory 0% APR for approximately 12 to 18 months. During this promotional period, you should aim to pay whole balance while there’s no interest fees. After the promotional period, the card will resume regular APR rates.
To be approved for a balance transfer credit card, you’ll need great credit. Most cards require a FICO score of at least 690. Another thing to consider is that many balance transfer cards will charge a one-time transfer fee. This transfer fee is typically 3% to 5% of the balance.
Consolidate with an unsecured loan
An unsecured credit card consolidation loan is another option. You can obtain this personal loan from a credit union, online lender or a bank. It’s important to look for a loan with a lower APR than the original credit card APRs. You should also look for loans that offer special features for consolidation. This can help simplify the process.
Home equity
Taking out a line of credit or a loan on your home’s equity could be an option if you’re a homeowner. A home equity loan will have a fixed interest rate. The benefit of this is that you’ll likely be able to find a low interest rate because the loan is secured by your house. The bad news is that if you can’t pay it off, you risk losing your home.
401(k) loan
If you’ve ruled out balance transfers or other loans, you could always consider taking a loan from your employer-sponsored retirement account. This typically isn’t recommended because it can impact your retirement—though it can be used as a last resort.
A benefit of a 401(k) loan or any other retirement account loan is that it won’t impact your credit score. Though this is a good benefit—a retirement account loan also comes with many disadvantages. If you can’t repay the loan, you’ll likely be left with even more debt as a result of the large penalty fees. These loans are also due after five years. And if you lose or quit your job—the loan will be due on next year’s Tax Day.
Start a debt management plan
Debt management plans are a good option for people who may not qualify for other options due to a low credit score. Debt management plans merge all debts into one fixed monthly payment at a lower interest rate.
The good thing about a debt management plan is that it won’t affect your credit score. It can also help you save a significant amount on interest fees. Though startup fees and monthly fees are common with debt management plans.
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