Consolidating credit card debt good bad

20-Oct-2020 09:29

Say you have ,000 in credit card debt with an average APR of about 25%.

Over 36 months, your monthly payment is approximately 0 and you will pay a total of ,500 in interest.

Instead of paying several different credit card bills, debt consolidation lets you pull all those debts into one place, leaving you with only one monthly payment.

This can ease your mind and help you avoid missing a payment—which can have a serious impact on your credit scores.

The information provided is for educational purposes only and should not be construed as financial advice.

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If your score is in the good or excellent range, you probably have a strong chance of getting approved for a personal loan with a low APR.

There are two main reasons people consolidate debt: to reduce the number of payments they make each month and to save money on interest over the life of their loans.