Best method to consolidating credit cards

25-Apr-2020 03:10

One option for consolidating credit card debt is a balance transfer to a new credit card with a low or 0% promotional interest period.But, if you don’t pay down your balance before the promotional period ends, your interest rate could go up, costing you money.You then pay off this new loan with a single, recurring monthly payment.This allows you to manage your debt with one easy payment per month.Wondering how to consolidate your debt from multiple creditors into a single monthly payment?One way is to transfer your debts onto a balance-transfer credit card, allowing you to take advantage of a low-interest promotional period to pay off the balance before the interest rate increases.

Although home equity loans can have a lower interest rate as compared to the rates on other types of loans, there are risks.

By comparison, a Marcus personal loan has fixed interest, so you won’t have to worry about changing interest rates.

When doing a balance transfer, you’ll want to make sure that whichever credit card you use to consolidate your debt has a high enough credit limit.

Then, you’ll choose your desired monthly payment, and we’ll provide you with the tailored loan options available to you.

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Choose the option that works for your budget and your schedule, and, if approved, use the disbursed funds to pay off your higher-interest credit card balances. That means, when you take out a loan with us, the only thing you pay is your principal and interest.Many Marcus customers receive their funds within four days of approval.