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10 Jun Source:

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.