Synonym for reducing or consolidating

If you were to pay off each credit card separately, you would be spending 0 per month for 28 months and you would end up paying a total of around ,441.73 in interest.However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same 0 a month, you'll pay roughly one-third of the interest (

If you were to pay off each credit card separately, you would be spending $750 per month for 28 months and you would end up paying a total of around $5,441.73 in interest.However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same $750 a month, you'll pay roughly one-third of the interest ($1,820.22), and you will be able to retire your loan five months earlier.Although each lender will probably require different documentation depending on your credit history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.If you have a good payment history with a bank, credit union or credit card company, asking that institution about a debt consolidation loan should be your first step.One method is to consolidate all their credit card payments into one, new credit card—which can be a good idea if the card charges little or no interest for a period.They may also utilize an existing credit card's balance transfer feature (especially if it offers a special promotion on the transaction).Debt consolidation loan interest payments are often tax-deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.

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If you were to pay off each credit card separately, you would be spending $750 per month for 28 months and you would end up paying a total of around $5,441.73 in interest.

However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same $750 a month, you'll pay roughly one-third of the interest ($1,820.22), and you will be able to retire your loan five months earlier.

Although each lender will probably require different documentation depending on your credit history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.

If you have a good payment history with a bank, credit union or credit card company, asking that institution about a debt consolidation loan should be your first step.

One method is to consolidate all their credit card payments into one, new credit card—which can be a good idea if the card charges little or no interest for a period.

,820.22), and you will be able to retire your loan five months earlier.Although each lender will probably require different documentation depending on your credit history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.If you have a good payment history with a bank, credit union or credit card company, asking that institution about a debt consolidation loan should be your first step.One method is to consolidate all their credit card payments into one, new credit card—which can be a good idea if the card charges little or no interest for a period.They may also utilize an existing credit card's balance transfer feature (especially if it offers a special promotion on the transaction).Debt consolidation loan interest payments are often tax-deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.

Of course, borrowers must have the income and creditworthiness necessary to qualify with a new lender, which can offer them at a lower rate.

“If the principal is paid down faster [than it would have been without the loan], the balance is paid off sooner, which helps to boost your credit score,” says Freeman.

For example, say an individual with three credit cards and a total of ,000 owing at a 22.99% annual rate compounded monthly needs to pay

Of course, borrowers must have the income and creditworthiness necessary to qualify with a new lender, which can offer them at a lower rate.

“If the principal is paid down faster [than it would have been without the loan], the balance is paid off sooner, which helps to boost your credit score,” says Freeman.

For example, say an individual with three credit cards and a total of $20,000 owing at a 22.99% annual rate compounded monthly needs to pay $1,047.37 a month for 24 months to bring the balances to zero.

Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.

You usually work with a debt-relief organization or credit-counseling service.

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Of course, borrowers must have the income and creditworthiness necessary to qualify with a new lender, which can offer them at a lower rate.“If the principal is paid down faster [than it would have been without the loan], the balance is paid off sooner, which helps to boost your credit score,” says Freeman.For example, say an individual with three credit cards and a total of $20,000 owing at a 22.99% annual rate compounded monthly needs to pay $1,047.37 a month for 24 months to bring the balances to zero.Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.You usually work with a debt-relief organization or credit-counseling service.

,047.37 a month for 24 months to bring the balances to zero.

Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.

You usually work with a debt-relief organization or credit-counseling service.

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With either type of loan, the interest rates are still typically lower than the rates charged on credit cards.

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