Does consolidating credit cards hurt credit score

It’s true that credit card consolidation loans aren’t for everyone.But for those who qualify, they’re worth considering as a way to eliminate toxic debt.

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We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.

The rates and terms listed on our website are estimates and are subject to change at any time.

With a set monthly payment and a set repayment term, you’ll always have the end in sight.

If you have debt across multiple credit cards, it can be tough to remember how much you owe and when your monthly payments are due.

We surveyed more than 1,000 people with more than $6,000 in credit card debt and found the following: If you pay off your credit card balances every month, you don’t need to consolidate your debt.

But if you consistently carry a balance, it can threaten your financial well-being.For example, let’s say you have ,000 in credit card debt with an APR of 14.99% and a minimum payment of 0.Assuming you don’t continue using your credit card and you make the minimum payment each month, it will take you more than six and a half years to pay off your debt. Credit card debt also can damage your relationships.For example, 58% of the people we surveyed have had at least ,000 on their credit cards for more than a year, and 43% have more than ,000 in credit card debt.High interest rates don’t help, and almost half the people we surveyed are paying interest rates higher than the average, which the Federal Reserve pegs at 14.99%.If you have good credit and you’re paying an above-average interest rate, you might be able to get a lower interest rate on a consolidation loan.For example, let’s take another look at the above scenario.And here’s the kicker: Your monthly payment would increase by only .Credit cards are tricky because they don’t have set repayment terms like installment loans do.For example, 32% of the people we surveyed have hidden their credit card debt from their significant other because they were ashamed or in denial or thought it would be a deal breaker.Forty-eight percent of the people we surveyed have never tried to consolidate their credit card debt.