Consolidating personal loans

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Taking out a personal loan to pay off high-interest credit card debt may sound like an easy and simple solution, but it shouldn’t be done lightly.

Debt repayment is as much about a change in mindset as it is about a change from credit cards to a bank loan.

The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance.

Myth: Debt consolidation saves interest, and there’s one smaller payment.