Advice consolidating credit card debt

23-Jun-2017 20:48

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Carrying too much credit card debt is a major threat to your financial security.

High interest rates can cause debt to quickly accumulate beyond your ability to repay, and the potential damage to your credit score can make it harder to qualify for other loans, or even rent an apartment.

It doesn’t necessarily represent exactly what will happen in your case.

How far your score drops—and how quickly it bounces back—depends on a lot of different factors.

It doesn’t make much of a difference whether you choose the avalanche method or the snowball method, but many find the snowball method is easier to stick to.

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But it’s also important to consider your situation and needs when weighing your options.If rates on your cards aren’t substantially different, you might pay off the smallest debt first, as quickly as possible.Doing so can give some people a psychological boost, and help you move on to the larger balances.With this information in mind, here are the main approaches to debt relief you may consider, along with a review of the impact they could have on your credit reports and scores.

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If you prefer to pay off your debt on your own, you might consider a snowball or avalanche payment method.The debt snowball is when you pay off your debts one at a time, starting with the lowest balance.