Consolidating credit debt loan

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If you'd like a lot more ideas of ways to save on expenses, we offer tons of ideas on our educational website, My Money

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Consider consolidating your debts with a consolidation loan or transferring your credit card balances to a low rate credit card.Carefully investigate the terms, conditions, any hidden fees as well as the overall interest savings you may realize before you commit to this solution.Cut up and cancel your credit cards if you choose this option, otherwise you may be tempted to continue using them and further increase your debt load.This can have a powerful psychological effect on many people because it can feel like they are making progress sooner.This can be very encouraging and provides a lot of people with motivation to keep paying down their debt.After paying debts that are on fixed monthly payments (mortgages, vehicle, and term loans), make the minimum payments required on your credit cards with the lowest interest rates and maximize your payments on the credit cards with the highest interest rates.

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