Is consolidating bad for your credit
But many consumers, especially those with sub-prime and deep sub-prime credit scores, face interest rates that are nearly double that figure.Some banks and a variety of on-line lending sites offer consolidation loans.Consolidating to a single, fixed-rate loan can make managing your finances much easier.
Acceptance isn’t guaranteed, and interest rates can range as high as 29%.
Individuals or groups will offer to finance your consolidation loan.
Popular online lenders include Lending Club and Prosper.
You may also qualify for debt relief through a home equity loan or line of credit, student loan consolidation, or other lender described below.
When consolidating credit card debt, the name of the game is to get lower interest rates than those charged by your credit cards.Lenders like non-dischargeable loans and offer borrowers lower rates, but sometimes former students can’t keep up with what they owe.Many students take out multiple loans during college and grad school, and they can have different repayment terms and interest rates.The average person seeking credit card debt help has six cards and carries ,548 in debt, according to the National Foundation for Credit Counseling.