Is consolidating your bills a good idea

The following five tips can help you figure out which credit card consolidation strategy suits you best.

And you can verify if a lender is registered to do business in your state by contacting your state Attorney General’s office or your state’s Department of Banking or Financial Regulation.You also may not want to close your old credit cards, as this can potentially ding your credit scores as well.By keeping your old credit cards open, you will not lower your credit utilization.Credit card consolidation can affect your credit in many ways, depending on which strategy you choose.For example, if you’re consolidating multiple balances onto one credit card, you’ll want to avoid maxing out that card’s credit limit because that will hurt your credit utilization rate (how much debt you’re carrying compared to your total credit limit).

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A lender may lower the interest rate on your credit card balance when you participate in a debt management plan.

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