Debt consolidating secured personal finance dating za

» 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.However, if you’ve ruled out balance transfer cards and other types of loans, this may be an option for you.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.Consolidation works best when your ultimate goal is to pay off debt.

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

Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.The maximum annual percentage rate at a federal credit union is 18%.

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