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It’s important to do your due diligence before you make a decision.
The better informed you are about your options, the smarter your choices will be.
Most lenders provide pre-approvals that won’t affect your credit score so you can check your eligibility no matter what your credit situation is.
It may seem odd to fight debt with another credit card, but it can work in some instances.
To better understand how moving forward with debt consolidation will likely affect your credit score, let’s do a quick recap.
Your FICO credit score is determined by the following five factors: Borrowers struggling with high debt usually also have lower credit scores because of how much they owe.
But if you have equity in your home, you can access some of that cash through a HELOC.
There are generally two recommended ways to consolidate your debt.
Debt consolidation should be considered whenever you feel overwhelmed with monthly payments because it can get you out of debt faster with less money spent.The first is that you’ll likely need pretty solid credit to qualify for one of these credit card offers.The second is that once the introductory period ends, you’ll be back up to high interest rates — maybe even higher than your original cards.Whether you’re struggling to make ends meet or just want to use your money more wisely, debt consolidation may be for you.Debt consolidation helps to eliminate multiple monthly payments to different creditors and replace it with a single payment.
Credit cards have much higher interest rates than even certain unsecured loans you can get from a bank, so consolidating your debt can potentially save you a lot of money by lowering and simplifying your monthly payment.