Your budget and free cash flow matters because they determine what monthly payment you can afford.
Finally, the total amount of debt that you have to repay matters.
The minimum payment schedules on your credit cards are not designed to be efficient. In fact, they keep you in debt as long as possible because that increases revenue for the credit card issuer.
See if a consolidation loan is right for you »This is a professionally assisted way to consolidate debt.Our Consolidation Loan Calculator can help you estimate your new rate and monthly payment. Students may not consolidate their federal student loans with their spouse's federal student loans.However, some private refinancing lenders, like Pen Fed, will allow you to refinance your debt together.Credit card interest rates eat up over half of every payment you make, and that’s if your rate is around 15%.If you have reward credit cards, rates tend to be higher than 20%. If you don’t know your minimum payment schedule, choose 2%. Credit card consolidation focuses on minimizing interest charges.At the same time, you also work to reduce or eliminate the interest charges applied to your debt.