If you're dealing with mounting credit card debt, you may be looking for ways to pay it off quickly. After all, today's high interest rate environment means your minimum payments are likely higher now than they have been in the past. But it's important to understand that when you make the minimum payments, most of your payment goes toward interest charges rather than the principal balance. The good news is that debt consolidation can make your debts more manageable.
Take out a debt consolidation loanDebt consolidation loans are a type of loan used to pay off credit card debt. By using a debt consolidation loan to pay off multiple credit card debts, you're streamlining your payments into one loan with one monthly payment and a lower interest rate. However, these loans can be harder to qualify for, so they're usually best for those with good credit and a strong borrower profile.
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