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You can get rid of credit card debt in several different ways. You can also take out a home equity loan (or a cash-out refinance) from your mortgage lender, or you can open a new credit card and transfer the balances over.
The latter might come with a zero percent introductory interest rate, giving you several months or more to pay down your balance interest-free.
They will instruct you to stop paying your bills, which leaves you open to lawsuits by your creditors.
If you want to pay off debt fast, the best way is a two-pronged approach: Debt consolidation means taking out one new loan large enough to repay some or all of your outstanding debt.
If you are a careful money manager who fell into debt because of unusual circumstances (medical or veterinary bill, loss of employment or some other emergency) and NOT because you spent more on your credit cards than you could afford to pay off each month, then leave the accounts open.
Doing so will help your credit score, because the amount of revolving debt you have is a significant factor in your credit score. Don’t use them while you pay down your debt consolidation loan.
At that point, the delinquency stops affecting your credit. Your credit suffers tremendously in the meantime, and since you’re still legally obligated to pay the debt, a debt collector can pursue you until the statute of limitations runs out in the state where you live.
The best debt consolidation solution is one that simplifies your financial life or lowers your cost of debt, or both.
If you’re already struggling to make your debt payments or your credit cards are maxed out, you may not qualify for a zero percent credit card balance transfer offer.
When you finish paying off credit cards with a consolidation loan, don’t be tempted to use the credit cards with their newly free credit limits. You may have heard that doing so could hurt your credit score, and it might.
But you can recover from credit score damage much more easily and quickly than you can recover from crushing debt.