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18 Nov

C., said this topic comes up “pretty frequently” with her clients.

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Above all, the approach has to match the need and the comfort level of the borrower.

For individuals with debt on several credit cards, it can make sense to transfer the balances over to the card with the lowest interest rate, creating one payment and lowering interest overall.

Some people even open a new card with a 0 percent APR for a promotional introductory period (many of these run the gamut from six to 24 months) and transfer other balances over to that card.

“It can be really overwhelming when you have five credit cards to pay and you don’t even know where to start.

I’ll sometimes float the idea of debt consolidation so they only have one bill to pay or so they can have a lower interest rate.” There are many options to consider when deciding to consolidate your debt, some of which work better in different situations.