Consolidating debt into a mortgage

Since both types of loans are secured by your house, you could lose it if you don’t keep up with payments.

» MORE: The good and bad of home equity loans Pros: Back to top If you have an employer-sponsored retirement account, it’s not advisable to take a loan from it, since doing so can significantly impact your retirement.

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Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.

» MORE: Nerd Wallet’s best balance transfer credit cards Pros: Back to top You can use an unsecured personal loan from your local bank or credit union or an online lender to consolidate credit card or other types of debt.

QUESTION: Leslie in Canada is 38, single, and has three kids.

She is about to get remarried and has $34,000 in debt.

However, if you’ve ruled out balance transfer cards and other types of loans, this may be an option for you.

One benefit is that this loan won’t show up on your credit report.

The four most effective ways to consolidate credit card debt are: This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it.

You’ll need a good to excellent credit score — above 690 — to qualify for most cards.

For online lenders, the lowest rates go to those with the best credit; rates top out at 36%.

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