Start Consolidating your credit card debt

Consolidating your credit card debt

The answer depends on how you consolidat­e and what you do with your debt afterward.

But that begs the question—does debt consolidation help or hurt your credit?

However, if you decide to go this route, you must be very disciplined in your approach.

Otherwise, you may fall into traps such as getting stuck with a balance at a high interest rate after the introductory period ends. Keep your eyes peeled for any “but” or “until.” Effect on Your Credit: It depends on how you use a transfer.

Debt management plans (DMPs) are offered through credit counseling agencies and, much to many people’s surprise, they don’t actually consolidate your debt.