You can transfer your balances to a new account—typically through a lower-interest credit card with a high credit limit.Keep in mind, though, that there are normally transfer fees involved in moving balances from one form of debt to another.

does consolidating credit card debt hurt your credit score-86

Some may take it as a positive thing showing that you are taking responsibility for your financial situation. This notation is removed once you finish or terminate the debt consolidation program.

Debt consolidation is a good idea especially since a good agency may be able to get your interest rates reduced, waive or reduce late fees, financial charges, etc.

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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.This gets reported on your credit report and the potential creditors or lenders start viewing such people as 'risky' borrowers.As far as the score is concerned, it will take a hit, but exactly by how many points, it is impossible to say. Your credit card score will not get affected by using a debt consolidation program.Basically, this happens because there can be a gap between when a payment was supposed to be made on your previous payment schedule and the payments you’re making now.This only happens in the first month of the program.This results in you paying less money to your creditors in the long run,and, in a quicker amount of time. You should deal only with certified professional credit counselors.