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Debt consolidation and credit card refinancing involve using a new personal loan to pay off your existing balance. This does not get rid of debt, but replaces just one financial debt with Yet another. When individual loan fees commonly are reduced than credit card fascination prices, you might pay additional in origination charges and desire in excess of the lifetime of the bank loan based on other loan phrases. Be sure to check with a monetary advisor to find out if refinancing or consolidating is right for you.
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