Nicole Lapin

Debt consolidation loans are fixed rate personal loans used to pay off credit cards.

The benefit is that you're trading variable high interest rate debt for a single monthly payment

at a lower predictable rate, usually between 6% to 12%, depending on your credit profile.

Check out sites like LendingClub, SoFi, and Credit Karma to compare offers.

But of course, read the fine print and watch out for origination fees.

Pro tip, don't consolidate debt if you're just going to keep spending on your cards and rack up new balances.

This really only works if you are completely ready to stop the bleeding and shift into payoff

Or forget the balance transfer and call your card issuer and negotiate your interest rate.

Yes, you can actually do this.

I have done it before.

I have recorded it before, and it works more often than you think.

You just have to ask.

Here's what you do.

Call up the number on the back of your card.

Explain that you've been a longtime customer, that you've been making your payments on time.

Hopefully...

And you'd like to request a lower APR, especially given your history with the company.

If you've received better offers from other card issuers, mention that too.

And if they say no, ask if there's anything you can do to qualify for a lower rate, like a balance review or a credit check.

This can take about 10 minutes and potentially save you hundreds, if not thousands of dollars over time.