Credit card consolidation and debt consolidation are essentially the same thing: You take on a new debt at more favorable terms to pay off the old ones. There are many ways to consolidate your credit card and other debts, and taking out a personal loan is just one of them. Most consolidation methods can be done on your own, and they don’t damage your credit if you make your payments on time. To decide which option is right for you, ask yourself a few questions: Is my debt load manageable? No: If you’re deep in debt and know you won’t have enough cash flow to pay it off over several years, then you should seek credit counseling or consider filing for bankruptcy, says NerdWallet personal finance columnist Liz Weston. “The benefit of these options is that you stop struggling with debt that ultimately may not be payable,” Weston says. Credit counselors can help you create a debt management plan and work with your creditors to have some of your debt forgiven.
Comment on Should I Consolidate Debt With a Personal Loan?
Amrita Jayakumar, NerdWallet.com
Tue, 02/02/2016 - 1:00am
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