A credit card debt consolidation loan is a low interest loan that is taken out with a bank or financial institution with the purpose of clearing your high interest credit card debt. A balance transfers is based on the same principle as a card debt consolidation loan i.e. colecting together all high interest current debts and moving them to a low interest one.
The credit card debt consolidation loan is paid back in fixed monthly instalments. The precise terms and conditions are agreed when the loan is set up. Normally it is possible to negotiate the number or repayments and the amount to provide you with enough left over each month to live on.
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