Wells Fargo Credit Card Consolidation

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How do I Refinance my debt by consolidating high-interest rate credit cards and other debt?


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May 20, 2020 7:00 AM

Member

A quick advise on that. Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

May 20, 2020 7:03 AM

The best way:

Take inventory of your debt

Explore your debt consolidation options

Know before you borrow


Doing the above three, you will;

Lower your overall monthly expenses and increase your cash flow

Reduce stress with fewer bills to juggle

Reach savings goals more quickly with any extra cash you save


I hope that help.

May 20, 2020 7:06 AM

A debt consolidation loan may simplify your monthly payments into just one payment and may possibly result in lower monthly payment.

Debt consolidation often works best for those with credit card debt, which generally comes with higher interest rates. If you own a home or other valued property that you can use as collateral, lenders may be more likely to offer you lower payments and interest rates. But remember: If you use your property as collateral, you risk losing it if you fail to repay the loan.

May 20, 2020 7:09 AM

Member

Some debt consolidation options offer low introductory rates to encourage customers to transfer high-rate balances, but these rates can skyrocket after the introductory period ends. It's important to understand that a debt consolidation loan simply transfers the debt, so you still have debt. Debt consolidation isn’t for everyone, but if you examine your options closely, it may help you effectively manage and reduce your debt over time.

May 20, 2020 7:11 AM

You can use an unsecured personal loan from a credit union, online lender or bank to consolidate credit card or other types of debt. The loan should give you a lower APR on your debt or help you pay it off faster. Online lenders typically let you pre-qualify for a credit card consolidation loan without affecting your credit score. Most will give you an estimated rate without a hard inquiry on your credit, unlike many banks and credit unions. The lowest rates offered by online lenders go to those with the best credit.

May 20, 2020 7:15 AM

Member

If you’re a homeowner, you may be able to take out a loan or line of credit on the equity in your home and use it to pay off your credit cards or other debts. 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.

Since the loans are secured by your house, you’re likely to get a lower rate than what you would find on a personal loan or balance transfer credit card. However, you can also lose your home if you don’t keep up with payments.

May 20, 2020 7:18 AM