Loans for consolidating credit cards
If you have bad credit you may be approved but at a higher interest rate, or you may not be approved at all.
Debt consolidation loans are offered by banks and credit unions for the sole purpose of combining your debts.
There are a few different types of loans you can use to consolidate your debt.
A home equity loan is a loan that's taken out using the equity in your home as collateral.
With a balance transfer, you would transfer your credit card balances onto a single credit card, ideally with a low interest rate.
Low balance transfer interest rates are typically promotional rates that expire after a certain period of time.
If you choose to transfer balances, make sure you know when the low rate will expire and the regular interest rate that will go into effect.
Combining your debts this way allows you to lower your monthly payment and makes it easier for you to afford your monthly bills.
Earnings statements provide detailed information about your pay, benefits, deductions, and leave accrual.
You can find PDF versions of your earnings statements in Employee Self-Service two days before pay day.
There could be a downside to consolidating debt with a balance transfer - a hit to your credit score.
Putting too much debt on one credit card could have a negative impact on your credit score as your credit utilization goes up.