Consolidating credit card debt your own
The rates available to you will depend on your credit scores.
Start by visiting a credit union—they almost always offer the lowest rates (and federal credit unions can't charge more than 18%).
A home equity loan comes as a lump sum with a fixed interest rate, while a HELOC works more like a credit card with a variable interest rate and certain credit limit.
With a balance transfer to another credit card, you are almost always going to pay a balance-transfer fee.
Typically, it's around 3% to 5%, though sometimes you can find a no-fee transfer.
However, if you can't make your payments on time, you risk losing your home.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. If your high credit card debt is stressing you out, you might be thinking about making a balance transfer or consolidating your debt.
If you are feeling overwhelmed by the burden of debt from multiple credit cards or are having difficulty keeping track of numerous payments, debt consolidation might be the right way to go.