Frequently Asked Questions(FAQ)

Is credit card refinancing the same as balance transfer?

No, credit card refinancing is not the same as balance transfer. A balance transfer is a type of credit card refinancing, but it is not the only way.

How will credit card refinancing affect my credit scores?

Credit card refinancing may cause a small dip in your credit score. However, this dip will be temporary, and your credit score will quickly recover with regular credit card payments.

Where can you find the best credit card refinancing options?

The best place to start is to negotiate the interest rate with your current credit company. If they don’t budge, you can apply for a new, lower-rate credit card with a different lender.

How do you apply for a debt consolidation loan?

Numerous banks and alternative lenders offer personal debt consolidation loans. Do your research, compare several options, make your choice, and contact the lender directly to begin the application process.

About the Authors

Tetiana Sitiugina-Babiuk

Written by: Tetiana Sitiugina-Babiuk

Financial Sector Specialist and Content Strategist

Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.

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