Consolidating credit card debt affect credit score

Debt Management Plans" data-reactid="16"Debt Management Plansdebt management plan (DMP) is somewhat different.These programs are offered through credit counseling agencies and, strictly speaking, they don’t actually consolidate your debt.

Even though you are only making one or two monthly payments, the counseling agency doesn’t actually pay off your creditors.

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When you are trying to get out of debt, consolidating credit cards or other loans can save you time and money.

Otherwise, you may fall into traps such as getting stuck with a balance at a high interest rate after the introductory period ends." data-reactid="20"Transferring a high-rate credit card balance to a card at a lower rate can be another way to consolidate.

Carrie Rocha, author of Pocket Your Dollars: 5 Attitude Changes That Will Help You Pay Down Debt, and her husband paid off some ,000 in debt, and taking advantage of low-rate balance transfers was one of the strategies they used to dig out.

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(Tip: Triple check to make sure you are dealing with a reputable site if you are shopping for a loan online.

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