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I owe around $20,000 in credit cards and financing a car.

Hello,I owe around $20,000 in...
Hello,I owe around $20,000 in credit cards and financing a car. They are really affecting my credit although I am making payments on time.Should I consider a debt consolidation loan? Would it have a negative influence on my credit report?
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Answered in 1 minute by:
3/9/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,879
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Debt consolidation wouldn't negatively influence your credit report, unless the consolidation included closing account or agreeing to pay less than the full amount due.

continued..

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The key to determine whether or not you should consolidate your credit cards is

  1. The current interest rates the credit card companies are charging
  2. The transfer fees to transfer the credit card debt to the consolidated line of credit
  3. Any other fee that the consolidation company may charge.

Please let me know your follow up questions.

Thank you.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,879
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Finance Specialists are ready to help you
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Customer reply replied 6 months ago
right now the larger balances do not have any interest rates, they will begin charging around 20% in May, which is why I was considering debt consolidation.Thank you!

Thank you for the rating.

It is good to hear you are planning ahead because May is right around the corner.

Please let me know if you have any additional questions.

Have a good evening.

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