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03 Jan

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As of July 2014, the average credit card interest rate is hovering around 15%.

If you’re carrying debt on several cards with this interest rate, you might be shelling out hundreds every month in interest.

All this is to say that consolidating with a 0% APR card might help your credit score somewhat, but you’ll probably see bigger gains by opting for a personal loan.

Nerd note: Remember that any time you obtain new credit your credit score will lose a few points temporarily.

By consolidating with a personal loan or 0% APR card, you’ll cut your finance charges dramatically.

This savings can be reinvested in your debt payoff to eliminate your balance faster.

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If you choose to consolidate with a personal loan, you’ll likely see a jump in your score within a few months.But on the other hand, you’re probably going to end up carrying a very high balance on the new card, which is not ideal.In a perfect world, you shouldn’t be using more than 30% of your available credit on point in time.alternative to a credit card consolidation loan, you can work with your creditors and your budget to develop a plan to wipe out debt on your own.You might pay down your debts through a balance transfer or interest rate negotiation.