Is consolidating your bills a good idea

But, before applying, be sure to ask about the lender’s credit requirements.Keep in mind that you’ll need excellent credit to qualify for the lowest interest rate on a personal loan.Be sure to check out any potential online lenders with the Better Business Bureau before applying for a debt consolidation loan online.And you can verify if a lender is registered to do business in your state by contacting your state Attorney General’s office or your state’s Department of Banking or Financial Regulation.Your credit utilization counts toward 30% of your credit score, and that’s why it’s important to keep that ratio low — under 30% and, optimally, less than 10% of your credit limits, overall and on individual cards.

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The best way to consolidate credit card debt — and whether consolidation will work for you at all — depends on your situation, so you might want to consult a non-profit credit counselor about your best options.

If you’re feeling weighed down by several credit card balances, credit card debt consolidation could provide some serious relief from your financial woes.

Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card, or enroll in a debt management plan (more on that later).

By consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt.

You may be able to consolidate your debt with a personal loan from your bank or credit union.

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