Credit card consolidating

Lenders don’t charge fees for paying off your loan early, but they may charge upfront origination fees that range from 1% to 5% of your loan.Some also send money directly to your creditors, increasing the odds of successful debt consolidation.That means you’ll need to pay more than the minimum payment due to reduce the principal and make a dent in your overall debt.Since both types of loans are secured by your house, you could lose it if you don’t keep up with payments.

A home equity loan is a lump sum loan with a fixed interest rate, while a line of credit works like a credit card with a variable interest rate.You can use that money to pay off your credit cards or other debts.A HELOC typically requires interest-only payments during what’s known as the draw period, which can range from five to 20 years but is typically 10 years.Nerd Wallet recommends visiting your local credit union first.Most credit unions offer their members flexible loan terms and lower interest rates than online lenders, especially if you have a low credit score.

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