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A large number of credit cards can carry interest rates in the high double-digits; rates of 20% to 25% (or even more) are especially common in the subprime markets.
Those high interest rates come with high monthly payments, and it can be easy to get caught in the “minimum payment” cycle — which only leads to an ever-growing balance.
In many cases, having multiple credit accounts in good standing can improve your score — but, when you fall behind on one type of debt, it can strain your ability to keep up with the rest.
Though this woman may be an extreme example, most of us do tend to have a variety of credit lines at any given time — usually a combination of installment loans (mortgages, student loans, auto loans, etc.) and credit cards.So, Pete is currently paying four different people, at four different times, with four different interest rates.In an ideal consolidation world, Pete would be able to pay off all four of his loans with a single, larger loan that averages out to a lower interest rate than his current debts carry.TFS Loans are a specialist Guarantor loan company, lending for over 6 yrs. Borrow up to £7,500 with no fees and a friendly service. Guarantor must be a homeowner, or a tenant with a good credit history, aged over 18 years old. If you have a guarantor who is tenant they can help you borrow from £1,000 - £6,000.
Guarantor must be a homeowner or a tenant, aged 18 to 75 years old and must pay if you don't.
Paying off your credit cards with a consolidation loan can help you avoid that cycle, as well as any credit score hits from missing payments when the balance becomes unmanageable.