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Debt Consolidation
Explanation:
Gathering multiple sources of debt under one umbrella, often with a reduced payment rate and longer repayment period.
Our Thoughts:
One method of debt consolidation is to apply for a credit card with zero percent introductory APR for balance transfers, and then transfer balances from your high APR cards to your new card. It's important to NOT make any purchases on your new card, as purchases are often assessed at a higher APR.