Is consolidating your bills good

Before you do, let's take a look at the pros and cons of each option.

With a credit card consolidation loan, you work with a lender to combine all of your unsecured debt into one monthly payment.

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Both put the control in your hands, which can be good or bad, depending on how disciplined you are.

Remember, you’ll need to not only put together a budget, but stick to it as well.

The cliche about rearranging the deck chairs on the Titanic came to mind when I read your question.

Debt consolidation won't address the real problems that may sink your credit rating!

The lender will pay off your credit card bills, and in exchange you’ll enter into a loan agreement with the lender to pay back the money.

For a credit card consolidation loan to be worth your while, you’ll want a plan that offers a lower interest rate and/or lower monthly payments than you’re currently paying to your creditors.You’ll need a good to excellent credit score — above 690 — to qualify for most cards.Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.A credit score is derived from items reported in your credit file.It uses a complex mathematical algorithm to come up with a score that predicts whether you are more or less likely to default on your next loan.You use the loan to pay off all of your credit cards.

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