Consolidating credit card debt good bad

Any comments posted under Nerd Wallet's official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.Managing debt can be overwhelming: Juggling multiple debts at different interest rates, with different payment due dates and multiple creditors can be a complicated and expensive task.With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.

Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.If you can’t qualify for a loan through a reputable lender, don’t head for a payday lender. For borrowers with good credit, a balance transfer credit card is an alternative to a debt consolidation loan.Once the introductory period expires, the rate on a balance transfer card is usually higher than on a personal loan.In addition to paying off your balance before the rate increases, you’ll want to avoid making further charges.

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