Consolidating your credit card debt
In this case, you qualify for a credit limit based on your equity that you can withdraw money from as needed.
You pay interest-only for 10 years, then start paying principal plus interest.
Once executed, the only debt you have to pay off is the loan, itself.
This consolidation option offers the benefit of fixed monthly payments.
As for reducing your interest rates, the goal is to get the monthly interest charges down as low as possible.As a result, your payments increase significantly after 10 years.Be aware that borrowing against your equity to pay off credit card debt is the highest risk option!Be aware there may also be fees associated with transferring your balances; understand these fees before you apply.
Fees generally range from to 3% of each balance transferred.But it’s less scary than you think, and it can help you rescue your credit score before it’s too late.