How to consolidate debt: personal loans, balance transfer cards, HELOC - Business Insider

Most personal loans let you borrow up to $35,000, then repay it over three to five years .Anyone who wants a fixed interest rate, fixed payment, and fixed payoff date, also called 0% APR credit cards, offer another smart way to consolidate debt and save money on interest. With a balance transfer card, you can typically score 0% APR orYou may have to pay a balance transfer fee of 3% or 5% for the privilege, but the fee can be well worth it in terms of the interest you save.

Imagine you have $5,000 in credit card debt with an average APR of 17%, for example. If you paid a minimum payment of 3% each month, or $150, you would pay down your debt over nearly four years and pay $1,814 in interest in the process. With the right 0% APR credit card, on the other hand, you could pay off your debts faster and without any interest if you were able to pay slightly more than the minimum before your 0% offer ends., for instance, you would get 15 months with 0% APR on transferred balances. This card also charges no balance transfer fees for balances transferred within the first 60 days.

Home equity loans and HELOCs can be smart options for debt consolidation since they come with much lower rates than credit cards. Home equity products are also very competitive, meaning many come with additional perks such as no origination or annual fees.Both home equity loans and HELOCs typically limit the amount you can borrow to 85% of your home's value including your primary mortgage and your home equity loan. Also note that you're putting your home up as collateral for these loans, meaning you risk foreclosure if you don't repay.Consumers who can get the best interest rates with a secured loan product

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