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Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » Is credit card consolidation bad for your credit?

Is credit card consolidation bad for your credit?

I currently have good credit, but it’s getting overwhelming. All my money seems to go to my credit card bills and I’m thinking of consolidating my credit cards, but i just want to know if that will ruin my credit?

Will it lower my credit score?

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4 Responses to "Is credit card consolidation bad for your credit?"

  1. bruce m says:
    Use them like your supposed to; for payment not loans
  2. Robin C says:
    The short answer is yes it will drop your credit score.

    The better bet is to arrange to move all of your credit card debt to one low interest card. Then CUT up everything else, including the new card. Make no new charges and pay down as much of the credit card debt each month that you can afford. Going forward pay with everything with cash until you are out of debt, and stick to a budget. Then you can use your credit card, only when you can pay the balance off at the end of each month if you want to use a rewards program, or in the event of an emergency. Beyond that you need to only owe on your mortgage, and maybe a car payment if necessary.

  3. micky b says:
    Hi.
    There is a well recommended debt consolidation company at this site:
    http://bestamericanfinance.bravehost.com
  4. madhu says:
    Get valuable tips on credit repair from http://moneymentor.cashmatter.info . It’s a very useful website.

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