Consolidating your bills good idea

The four most effective ways to consolidate credit card debt are: This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it.

You’ll need a good to excellent credit score — above 690 — to qualify for most cards.

Whether or not a debt consolidation loan is a good idea will depend on your particular circumstances.

Some also send money directly to your creditors, increasing the odds of successful debt consolidation.

» MORE: See if you pre-qualify for a personal loan Pros: Back to top If you’re a homeowner, you can take out a loan or line of credit on the equity in your home.

Debt consolidation loans aren't really getting you out of debt, they're just consolidating your debt into one loan.

If the monthly payments are lower, it's either because the interest is lower or the term of the loan is longer.

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