Consolidating debt and credit score

This will help simplify your financial life and make it easier to plan your budget.

consolidating debt and credit score-84

While we try to feature as many credit cards offers on our site as we can maintain (1,700 and counting!), we recognize that our site does not feature every card company or card available on the market.If you’re carrying debt on several cards with this interest rate, you might be shelling out hundreds every month in interest.By consolidating with a personal loan or 0% APR card, you’ll cut your finance charges dramatically.First and foremost, consolidation could save you big bucks on interest payments.

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

Rolling multiple credit card debts into a single consolidation loan has a lot of important benefits.

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

Just be sure you’ve considered all the Nerds’ points before moving forward with consolidation.

Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.

This savings can be reinvested in your debt payoff to eliminate your balance faster.