Consolidate Credit Cards -

Risk. You are turning unsecured debt (credit cards) into secured debt (your house). If you can’t pay, your home is on the line. Is It Right for You? Consolidation is a tool , not a cure . It works best if:

If you consolidate your debt but keep spending more than you earn, you’ll end up with a consolidation loan and new credit card debt. The Bottom Line consolidate credit cards

You take out a fixed-rate personal loan from a bank or credit union and use that cash to pay off all your cards. You then pay back the loan in fixed monthly installments. Is It Right for You

Many banks offer "teaser" rates for new customers. You move your high-interest balances to a new card that charges for a set period (usually 12–21 months). The Bottom Line You take out a fixed-rate

People with good credit who can pay off the debt quickly.

If you own a home, you can borrow against your equity to pay off your cards.