In Canada, credit card interest rates commonly hover between 19.99% and 24.99%. Consolidating unsecured balances into an installment loan or secured line of credit at 8% to 12% can save thousands in compounding finance charges.
When Consolidation Makes Financial Sense
- Your new consolidation interest rate is lower than the weighted average rate of your current balances.
- You can comfortably handle the fixed monthly repayment without charging new purchases to the paid-off cards.
- The total interest paid over the consolidation term is demonstrably lower than current minimum payment schedules.
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