Consolidating debt hurt credit score

14-Oct-2019 02:59

As of July 2014, the average credit card interest rate is hovering around 15%.

If you’re carrying debt on several cards with this interest rate, you might be shelling out hundreds every month in interest.

You need self-discipline to make sure you don’t rack up the same credit card debt again.

If you rely on credit cards for essentials or to make purchases you otherwise couldn’t afford, you may want to cut them up and close the account.

Weighing all of your options and paying close attention to the associated fees can help you make the decision that will get you out of debt with the least amount of fees or interest charged.

The Motley Fool owns and recommends Master Card and Visa, and recommends American Express. If we wouldn’t recommend an offer to a close family member, we wouldn’t recommend it on The Ascent either.

Before discussing how it could help your credit score, let’s review the non-credit perks of consolidating credit card debt.

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That is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.Debt consolidation can help you get out of overwhelming debt, but it may affect your credit score in surprising ways.

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