Consolidating debt one credit card

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If the minimum monthly repayment amount is as low as 2% of the card balance, the interest can often exceed the amount owed.

If the interest rate isn’t low enough, you may not save much money at all, particularly after factoring in the cost of originating the new loan.Many credit cards providers offer introductory interest-free periods as a way to entice new customers.Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.Consolidating debt is a way of combining all credit card debts.The consolidation process creates one monthly bill and lowers the payment to a reasonable amount of money.

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