Take a look at how quickly you’ll pay down those cards if you make the minimum payment (and what happens if you pay a little extra).For a basic example, see how to calculate credit card payments.But it’s important to know that opening a new credit card account to transfer a balance does create a “hard inquiry” on your credit report, which might lower your score a little.
P2P Credit's interest rates start at 6.38% - and P2P Credit specializes in debt consolidation loans.Consolidating your credit card debt can lead to big savings.Instead of paying high-interest rates and making multiple payments each month, you can get a lower rate and pay off your debts with one monthly payment. Here's how to consolidate, step-by-step: Credit card debt is one of the most expensive types of debt.A: A balance transfer is the process of moving a balance (how much you owe) from one credit card to another during credit card consolidation.Be sure to check with your credit card company to see if there’s a fee for transferring a balance or other impacts to your account, including how a balance transfer might change the way you pay interest on new purchases. A potential balance transfer fee could end up costing you more than you save, even if you get a new rate that’s lower than your old one.And watch out for companies that advertise debt consolidation services—be sure to read the fine print and get all the details on their offers.A: If you’re able to lower your rates or your payments by consolidating, you may be able to pay more of your balance each month, which can be one good way to improve your credit.Marcus by Goldman Sachs offers a fixed-rate, no fee personal loan.At the moment and our products are only available in the US. Marcus offers unsecured personal loans from ,500 to ,000.You might end up hurting your credit or spending more money than you would if you just paid off your cards.Consolidation makes the most sense when: It’s a good idea to figure out how much you’ll really save if you consolidate your credit cards.