Here's how debt consolidation works and how it can save you money.
, where you move debt from one account to another, when you get a consolidation loan, the cash is deposited directly into your bank account that you can use to pay off all of your credit card debt at once. Then, you pay back your lender with monthly payments over a timeline that is determined when you apply for the loan. Once a personal loan is paid off, the credit line is closed and you have no more access to it.
In addition, some lenders charge a sign-up, or origination, fee. However, there are several no-fee options with varying interest rates depending on your credit score. You should opt for a no-fee personal loan whenever possible. make the minimum payment each month , it would take you more than 17 years to pay off this balance, and you'd pay an estimated $7,286 in interested fees.
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