Consolidating credit lines

17-Jul-2017 02:58

When life throws an event your way, whether planned or unexpected, one of your first thoughts might be to go the credit card route to help manage the expense.

A personal loan is repaid at a fixed interest rate over a fixed period of time.

A personal line of credit functions much like a credit card — if you have needs that require ongoing purchases.

You’re given a maximum amount and can borrow against that amount as you need to.

Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.

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Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

But finding the best personal loan for you depends on the lender and your situation.