Options to consolidating credit cards Onlinsexy

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There is usually a small monthly administration fee.

You would be required to close the accounts and agree to not open more while the plan is in effect.

Although not required, both parties — you and the person lending you money — should draw up a contract outlining the terms of the arrangement.Since balance transfer credit cards offer super low introductory interest rates — sometimes 0% — for a specific number of months, you can pay the entire debt off with virtually no finance fees added (though many charge a transfer fee of about 3% to 5% to absorb the debt).After the introductory period expires, the interest rate on that account will rise to the standard rate.This is best for people who are in a stable financial position.Another idea is to take a loan against the funds you’ve accumulated for your retirement years. prime rate plus 1%, so it’s almost guaranteed to be lower than what your credit card companies are charging.

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