Consolidating loans pros and cons radioactive dating accuracy oil

The idea is to get a credit card consolidation loan with a lower interest rate than what you’re paying on your credit card as well as a set repayment period. For example, let’s say you have a ,000 balance on your credit card with an 18.00% APR.

If you qualified for a three-year personal loan with 12.00% APR, your monthly payment would be 3, and you’d pay 3 in total interest over the life of the loan.

Most cards, however, charge a balance transfer fee, which is usually between 3 percent and 5 percent.That’s a massive range, and you typically need excellent credit to get the best rates.So, if your credit card interest rate stands at 18.00% APR and you qualify for a personal loan at a 25.00% APR, you’d be better off keeping the debt where it is.Some even let you pre-qualify with a soft credit check, which won’t hurt your credit score.If you can qualify for a low interest rate, a low or nonexistent origination fee, and a manageable monthly payment, the math could be in your favor.

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