Is consolidating bad for your credit


You’re in deep with credit cards, student loan debt and car loans.Minimum monthly payments aren’t doing the trick to help nix your debt.Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.



Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. In almost every case, you’ll have lower payments because the term of your loan is prolonged. Your goal should be to get out of debt as fast as you can!You are only restructuring your debt, not eliminating it.