Credit card loan consolidation
26 June 2008
If your only debts remaining are those on credit cards, then you have a couple of options for loan consolidation. You can choose to take out a personal loan if your debts are especially large, or else you can find a balance transfer credit card. Loan consolidation for credit cards that uses a personal loan can be a preferable option, as you should have less temptation to get into further debt.
While a personal loan may not always have the best rate, if you are likely to continue spending with your credit card, then you would probably find no benefit from a low interest balance transfer card. When you make new purchases with a balance transfer card before you have repaid your balances, usually no interest free days apply and you will be unable to repay the new charges until the old ones have been settled. This means that while potentially balance transfer cards can be better for credit card loan consolidation, they can easily lose their advantages.
Please visit our comparison pages to compare products such as balance transfer credit cards and personal loans you may be able to use for loan consolidation.
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