Does consolidating your credit cards affect your credit dating in telford shropshire

If you feel as though you're drowning in credit card debt and can't keep up, consolidating your debt could be key in getting your finances back on track.Debt consolidation involves combining, or consolidating, all of your debts into one at the lowest interest rate possible.

So the first step in debt consolidation is simply to consider whether it will actually work for you.If you’re struggling to make the minimum payments on your debt, missing due dates and not making any substantial headway in the process, you’re credit score likely already mirrors your situation.After all, these three numbers are supposed to be the quickest snapshot of your financial health and ability to repay creditors.Consolidation works best as part of a larger plan to become debt-free; it shouldn’t just be a way to buy some breathing room.If you are consolidating debt just to get a lower interest rate without really knowing how you’re going to pay the debt off, then you are simply moving the problem around instead of facing it.You can transfer your balances to a new account—typically through a lower-interest credit card with a high credit limit.

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