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Added June 30, 2010 from: Mike Killian
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 Mike Killian
Answered By Mike Killian:
My guess is it would be easier. However, let me point out a couple of issues to be on the alert for. Often, folks take out an equity type loan on their house or other property to consolidate multiple credit card balances. This, in effect, changes your unsecured debt into a secured debt��never a wise financial decision. On the other hand, sometimes folks will do a balance transfer to another card to get down to one card. This usually gets into balance transfer fees of 3-5%--again, not a wise decision. Another consideration is postponing payoff by borrowing a larger amount for a longer period. In essence this means extending interest charges and fees--again, not wise.

An alternate solution is accelerating the payoff on the card that can be paid off fastest, and then using the payment amount you were making on that card to accelerate the next debt to be paid off. This is usually the fastest way to get rid of all debt.

This question is about:  Low Interest Credit Cards
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