Bill consolidating

The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.Debt consolidation is only one of several strategies for paying off debt.Your credit scores can take a hit if you use all or most of the available credit on your cards.

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Other options for borrowers with bad credit include secured or co-sign personal loans.

Some lenders say they have no minimum credit score requirements, but that does not mean they don’t check your credit report.

A personal loan offers some advantages over balance transfer cards.

Fixed payments ensure you’ll pay off debt on a set schedule.

Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges.

Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.

Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.

Compare loans for debt consolidation and learn about your options for consolidating debt.

Debt consolidation won’t work if you have too much debt or haven’t fixed underlying spending issues.

Almost all lenders require you to be 18 years or older and a legal U. resident with a verifiable bank account and not in bankruptcy or foreclosure.

If you have any questions, please contact the CBU Help Desk.

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