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Either way, you’re making one payment a month instead of several.
Ideally, you would also pay less interest and therefore pay off the debt faster.
If you can pay the balance off quickly, that might not be a big concern, since your scores will recover as the balance drops.
But if you’ll be stuck with this debt for a while, there may be better options.
Your scores typically affect whether your application will be approved and what interest rate you’re likely to get.
Pay attention to how long the rate will last, since they’re rarely fixed.
And take note that piling a big balance on a single card can hurt your credit scores.
Personal Loan Personal loans can help you pay off your debt, usually with fixed rates and fixed payments over three to seven years.
They aren’t secured by any collateral or property, so typically you need decent credit to get one — FICO 8 credit scores in the mid-600 range or above.
Keep in mind when you take a loan against your home that you risk losing your home if you can’t make the payments.