Buried in debt? Look to consolidate your debts - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Buried in debt? Look to consolidate your debts

  • Fox 29 Daily HeadlinesMore>>

  • Florida State removes statue of founder, slave owner Eppes

    Florida State removes statue of founder, slave owner Eppes

    Friday, July 20 2018 11:17 AM EDT2018-07-20 15:17:52 GMT
    Friday, July 20 2018 11:25 AM EDT2018-07-20 15:25:26 GMT

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

    More >>

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

    More >>
  • Trump talks tougher, now says he warned Putin on meddling

    Trump talks tougher, now says he warned Putin on meddling

    Wednesday, July 18 2018 12:31 AM EDT2018-07-18 04:31:41 GMT
    Thursday, July 19 2018 1:22 AM EDT2018-07-19 05:22:31 GMT
    (AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...(AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

    More >>

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

    More >>
  • Marriott hotels eliminating plastic straws by 2019

    Marriott hotels eliminating plastic straws by 2019

    Wednesday, July 18 2018 12:25 AM EDT2018-07-18 04:25:22 GMT
    Wednesday, July 18 2018 10:47 AM EDT2018-07-18 14:47:09 GMT
    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

    More >>

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

    More >>

NEW YORK (AP) -- So maybe you shouldn't have purchased that 55 inch TV for your toddler or given a diamond incrusted collar to your corgi for Christmas.

Now you're saddled with thousands of dollars in credit card debt from the holidays, collecting interest at 18 percent or more.

Never fear, there are a few ways to pay off that credit card debt in less costly ways.

ZERO INTEREST, WITH A CATCH

Many credit card companies offer zero-interest balance transfers to new and existing customers after the holidays. That way you can pay off the debt without incurring any interest, typically with a grace period of 12 to 18 months. But if the balance isn't paid off in that period, the remaining amount is subject to high credit card interest again.

Watch out for balance transfer fees, however. A typical credit card issuer will charge roughly 3 percent to transfer a balance. There are some credit cards that do promotional zero-fee balance transfers like Slate by JPMorgan Chase.

TAKE OUT A PERSONAL LOAN

Several online lenders now offer lower interest debt consolidation loans to eligible borrowers, like SoFi, Marcus by Goldman Sachs, Lending Club and Prosper.

Most online lenders can offer loans as low as 7 percent. But since they are unsecured loans, borrowing from these companies can have interest rates similar to or higher than credit cards. The loans come with the advantage of consolidating your payments into one place, with one steady payment, and a three to five-year plan to pay that debt off.

HOME EQUITY

With the housing market mostly recovered from the crisis, banks are more likely to offer home equity lines of credit than ever before. The interest rate on a home equity line of credit can be as low as 3 percent. However they are effectively a second mortgage on your house and should only be used for large, unexpected expenses.

DON'T REPEAT YOUR MISTAKES

If you do consolidate your debts, the most important thing is to not run up your credit cards again. Then you'll be saddled with both the debt consolidation loan and new balances on the cards.

Scripps Only Content 2017

Powered by Frankly

1100 Banyan Blvd.
West Palm Beach, FL 33401

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2018 Raycom Media. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.