While they are increasingly tough to come by right now, some credit http://badcreditloanshelp.net/payday-loans-fl/ cards have introductory offers of 0% APR on balance transfers for a set time period, usually 12 to 18 months. If you can qualify for these card offers, you can save on interest. For a balance transfer card to make sense, you'll need to be able to pay off the debt during the 0% period. Just keep in mind the balance transfer fee (3 to 5%) which can eat into your savings. If possible, apply for a card with no balance transfer fee and 0% APR.

2. Debt-consolidation loan

Taking out a personal loan with a bank or credit union is another potential option for consolidating debt. A personal loan will have a fixed interest rate, which is an advantage over a credit card with a variable rate. Your credit score, income, and debt will determine what interest rate you can qualify for. So before you apply, shop around to ensure you will actually be saving money by getting a personal loan with a better interest rate - and be aware of up-front origination fees which can be as high as 8% of the loan amount. Finally, if you have federal student loans you're interested in consolidating, you may not want to use a personal loan since you'd be losing certain protections that private loans don't offer, such as forbearance options or income-based repayment plans. Read more