Dealing with credit card debt doesnt have to make you feel hopeless. One strategy that could help is debt consolidation.
When you consolidate your credit card debt, you take out a personal loan for an amount equal to your total credit card debt. Then, you pay your cards off with that loan. That puts all your debt in one place, enabling you to focus on making only one personal loan payment per month until the debt is fully repaid.
According to our recent credit card survey, only 52% of respondents with more than $6,000 of credit card debt had consolidated. Of those who havent tried consolidating their debt, a quarter fear it will hurt their credit score.
But does debt consolidation hurt your credit? The answer depends on your situati…
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