Help consolidating debt
To find out if you qualify, contact your local Armed Forces Legal Assistance office.
Here’s a scenario when consolidation makes sense: Say you have four credit cards with interest rates ranging from 18.99% to 24.99%.Just make sure this consolidation is part of a larger plan to get out of debt and you don’t run up new balances on the cards you’ve consolidated. Debt consolidation can help your credit if you make on-time payments or consolidating shrinks your credit card balances.Your credit may be hurt if you run up credit card balances again, close most or all of your remaining cards, or miss a payment on your debt consolidation loan. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. " Debt consolidation rolls high-interest debts, such as credit card bills, into a single, lower-interest payment. We’re on your side, even if it means we don’t make a cent.
Conversely, making minimum payments on credit cards could mean months or years before they’re paid off, all while accruing more interest than the initial principal.