Consolidating debt into one payment
You also may not want to close your old credit cards, as this can potentially ding your credit scores as well.
And, Credit.com’s free credit report summary can help you understand what’s inside your credit report. There are several safe and smart ways to consolidate credit card debt, so you’ll want to research them before deciding what’s best for you.Credit card debt consolidation may save you money, but it’s often not free.Credit cards may have a balance transfer fee, so you’ll want to make sure that cost doesn’t outweigh the potential benefit of getting a lower interest rate on your debt. Ask about any loan origination fees, and make sure the loan payment amount is something that easily fits into your budget.But, before applying, be sure to ask about the lender’s credit requirements.Keep in mind that you’ll need excellent credit to qualify for the lowest interest rate on a personal loan.