10 Jun Source: forbes.com
Credit card consolidation can pay off. Assume $25,000 of credit card debt at a 20 percent interest rate and a $500 monthly payment. With a strong credit profile, you might consolidate this debt with a personal loan at an eight percent interest rate and a five-year term. The monthly repayment would be about the same, but you would pay off the debt earlier and save more than $23,000 in interest.