Consolidating bad credit
Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.A few weeks ago, while in line at the grocery store, I glimpsed a woman whose wallet held more credit cards than I’ve ever seen in one place.A large number of credit cards can carry interest rates in the high double-digits; rates of 20% to 25% (or even more) are especially common in the subprime markets.Those high interest rates come with high monthly payments, and it can be easy to get caught in the “minimum payment” cycle — which only leads to an ever-growing balance.Her straining pocketbook held the financial equivalent of a Baskin Robbins — it looked like she had an entire 31-flavor buffet of credit cards.Though this woman may be an extreme example, most of us do tend to have a variety of credit lines at any given time — usually a combination of installment loans (mortgages, student loans, auto loans, etc.) and credit cards.Different loan providers will have different requirements, so if your top pick doesn’t offer you favorable terms, try another lender.
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You’ll want to comparison shop loan terms, as well as check out the reputation of the providers, before entering an agreement.