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If you qualify for a lower-interest consolidation loan, it can reduce your total monthly minimum payment. This frees up immediate cash flow, providing breathing room to start building an emergency fund and break the cycle of using credit for surprises.
Many believe that making only minimum payments is sufficient, not realizing how long it takes to pay off debt this way or how much interest accumulates. Others see credit as "free money" rather than a future obligation.
You can file a dispute directly with each credit bureau online. They are required to investigate typically within 30 days. This is crucial for removing inaccurate late payments or accounts that aren't yours.
Risks include high fees (typically 3-5% of the transferred balance), a steep jump to a high regular APR after the introductory period, and the temptation to run up new debt on the old card once it has a zero balance.
These plans average your annual utility costs into consistent monthly payments, helping avoid seasonal spikes and making budgeting easier.