Consolidating unsecured credit line debt

Before you decide to borrow with either a personal line of credit or a personal loan, determine your need, Grant says.There is a credit evaluation process for both products, Dosher says, so not everyone is automatically eligible.Take a look at how quickly you’ll pay down those cards if you make the minimum payment (and what happens if you pay a little extra).For a basic example, see how to calculate credit card payments.You might end up hurting your credit or spending more money than you would if you just paid off your cards.Consolidation makes the most sense when: It’s a good idea to figure out how much you’ll really save if you consolidate your credit cards.

Just as you would repay debt on a credit card, “you’re only making payments based on the amount that you borrow against the overall line of credit,” Mc Clary adds.

By contrast, a personal loan is a specific amount, which is disbursed to you at once in a lump sum.

It has a fixed or variable interest rate, and a fixed repayment term. The personal loan product has been a key driver of growth for Wells Fargo over the past few years, says Stephanie Grant, spokeswoman at Wells Fargo. “Post-recession, customers were saddled with debt and are now looking to consolidate, pay down and pay off that debt,” Grant says, “and a personal loan is a perfect opportunity to do that.” You could also tap a personal loan for home renovations and unexpected expenses, she adds.

“You can reasonably expect what your payment is going to be over that period of time each month when it comes due,” Mc Clary says. If you have a solid idea of the amount you’ll need to borrow, a personal loan might be the best way to go, says Michelle Dosher, managing editor at the Credit Union National Association in Madison, Wisconsin.

On the other hand, a personal line of credit is more suitable for those who have borrowing needs that vary.

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Then, run some numbers on your new consolidation loan to see how it compares: how much will you save on interest, and will your savings be eaten up by fees?

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