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Paying off two credit cards

Feb 02 2017 21:07
Carin Smith

A Fin24 user wants with two credit cards wants to know if he should get a consolidated loan to pay it off. He writes:

I have two credits cards, but I want to get them paid up as soon as possible.

Is it advisable to take out a consolidated loan to get it paid up?

The interest is high and what if I take out one loan amount with less interest to pay it off? Please advise.

Simon Brown of Just One Lap responds:

Absolutely. If you have high interest debt and you can consolidate into a cheaper interest rate you'll definitely be better off.

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