Will using a personal loan to consolidate cc debt negatively impact my credit score?

I find myself in a bit of a pickle. My credit cards have high balances. Both cards combined total $23,000 (17,000 on one at 19% interest and $6,000 on another at 18% interest). While I try to pay more than the minimum due each month, I find myself unable to pay them down.....life has been getting in the way. I%26#039;ve contacted the cards and they refuse to lower my interest rate. I have thought to apply for a personal loan to consolidate this debt (hoping for a much lower interest rate than the cards offer) but I%26#039;m not sure if this is the best solution. I would like to be free of this debt within 3 years. However, I%26#039;m nervous to do anything that might negatively impact my credit score. My score is already lower than it should be b/c of the high credit card debt. I have established credit and have a history of paying bills on time but my score fluctuates b/w 550-565 b/c the cards have reached their limits.

Will using a personal loan to consolidate cc debt negatively impact my credit score?

If you always pay on time you should a better credit score, but consolidate your debts will no affect you credit score.

You will have to be very careful, because usually people who consolidate debts do ok in the begining but in a while they start to use their crdit cards again and find themselves paying the loan and the credits cards.

If you have decided to do this, try to include everything you owe, not just credit cards, you can do that, for example:

You can consolidate

...credit cards

...loans you actually owe

Before doing all this RESEARCH al least 10 institutions to refinance, have it all in writing.

You can too apply to a credit card that offers a low interest, and move your balances to that one.

Go to http://www.refinancemortgagebrokers.com/...

to see how much you can save consolidating you actual payments...

Good luck

Will using a personal loan to consolidate cc debt negatively impact my credit score?

surely

Will using a personal loan to consolidate cc debt negatively impact my credit score?

taking out a loan to pay down credit card debt is a popular way of getting out of that kind of trouble. It will consolidate your payments at a lower interest rate, thus making the debt easier to pay off. Plus, you will not be subject to the late fees and charges on ur cards. It would be a good idea to get rid of some of the cards once they are paid off. That will help your score. It will also help to have only one acct with a balance (your personal loan) as opposed to several credit cards.

be careful with the loan that you get though. Make sure you get a fixed rate.

Will using a personal loan to consolidate cc debt negatively impact my credit score?

No

Will using a personal loan to consolidate cc debt negatively impact my credit score?

When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress.