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wickedhumor2

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is it better to take out a consolidation loan or open a credit card to transfer your balances?

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When possible (and I did this) get a credit card that has a 0% interest rate for 12-18 months and transfer all the other card balances to that card.  Do Not Close these cards!! You will then have the 12-18 months to pay the total off without paying interest on the balance.  If you were to take out a loan to consolidate the balances, you would be paying interest on the loan until it is paid in full at whatever the charged rate was.

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