Consolidating unsecured credit line debt

A line of credit is any credit source extended to a business, government or individual by a bank or lending institution.

A line of credit establishes a maximum loan balance — the credit limit — that the customer is permitted to borrow against.

You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.Debt consolidation is nothing more than a con because you think you're starting with a clean slate.But the truth is the debt is still there, as are the habits that caused it—you just moved it!However, a balance transfer card requires discipline to pay it off before the promotional rate expires, usually no more than 21 months.The amount of credit card debt you can transfer is limited, typically no more than ,000.

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