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"The ideal candidate for debt consolidation is someone with a credit score of at least 670 and a debt-to-income ratio of 35%, meaning the debt payments are no more than 35% of their income," says ...
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
Using a debt payoff method such as the debt avalanche or debt snowball can help you prioritize paying off higher-interest debt, allowing you to make the maximum impact on paying down your debt.
You can also include debt repayment in your budget — ideally, you’d repay your debt first before making discretionary purchases like meals out, new clothes or concerts. Cope recommends the 50 ...
Higher Monthly Payments: Compared to credit cards which often allow for small minimum payments, with a debt consolidation loan, the monthly payment is typically set to ensure the loan is paid off ...
“The key to this strategy is to maintain the $600-per-month debt payment throughout,” Mancias says. ... go through each item and find ways to free up enough money each month to pay off all ...