Conslidating debt

Credit Karma's favorite balance transfer cards Pros: If you transfer and repay the debt during the promotional period, you could avoid paying interest entirely.

Cons: Some cards charge a balance transfer fee, such as 3 percent or , on the amounts you transfer.

Also, the mortgage interest payments can typically be a tax write-off (up to a certain amount).

Also, “some of these companies will require that you close your credit cards once you pay them off,” says Maggie Germano, founder of a financial coaching service in Washington, D. Closing accounts isn’t always bad, but it could hurt your credit.Klein says that putting something at risk that doesn’t have to be put at risk might not make sense.Credit counseling organizations are often nonprofits that offer people advice and help them create plans for paying off their debts.Banks, credit unions and online lenders offer these options to consumers.Pros: The interest rate on home and auto loans may be lower than on credit cards, partially because they’re secured loans.

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