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BDinNC

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Best way to consolidate?
I have two credit cards and a bill me later account, totaling around $6500 in debt. I want to consolidate, and my credit union has a credit card at 7%. I figure I probably wouldn't normally qualify for a $7000 limit on a card (score is around 680), but they said they would factor in balance transfers and consolidation if I applied. This would be a great way to pay down quicker, and I would close out the other accounts.
OR
I was also advised to look into a debt consolidation loan from my bank. I guess I could still close out one of the cards, but with the other option, as I pay off, I like the idea of having a 7% card in my wallet. Of course, I will be using it more wisely than before :).

Any advice??

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What is the interest rate on the consolidation loan from the bank?  If it is less than 7% (the card rate), then the loan might make more financial sense.  If you go with the bank loan, you could apply again for the card in a few months when your score improves after your consolidation.  Good luck!

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