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Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.Not only does that simplify your debt payments, it can also help you save money.
Other ways credit card consolidation can hurt your credit: Applying for a new line of credit results in a hard inquiry on your credit report, adding a new credit account can lower the average age of your credit history and a new personal loan will show that you have a high level of outstanding debt (your scores should improve as your remaining balance shrinks from where it started). Adding a personal loan to your credit history can improve your mix of accounts (it’s good to have a combination of installment and revolving credit, like credit cards).
Credit card debt consolidation may save you money, but it’s often not free.
Credit cards may have a balance transfer fee, so you’ll want to make sure that cost doesn’t outweigh the potential benefit of getting a lower interest rate on your debt.
Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).
Whichever option you choose, you will use it to pay off your multiple balances.