Is consolidating bad for your credit
Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).Whichever option you choose, you will use it to pay off your multiple balances.You are only restructuring your debt, not eliminating it.You don’t need debt rearrangement, you need debt reformation.If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.
Minimum monthly payments aren’t doing the trick to help nix your debt.
You don’t need to consolidate your bills—you need to delete them.
To do that, you have to change the way you view debt!
One of the first things you’ll want to do is check your credit reports for accuracy.
An error on any of your credit reports could prevent you from qualifying for the debt consolidation help you need, so .