Is consolidating credit card debt a good idea Adult chat television x

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However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

Everyone knows that credit card debt is “bad” debt due to the high interest rates on most consumer credit cards, while mortgage debt is often described as “good” debt.

Next, make a list of all the non-credit card bills you have to pay each month, such as your rent or mortgage, auto or student loans, utilities, phone bill, groceries, child care, gas, etc.

Add the tallies from the two lists (your credit card bills and your monthly living costs) together to get your minimum monthly expenses.

The smaller that percentage is, the better it is for your credit rating. To boost your score, "pay down your balances, and keep those balances low," says Pamela Banks, senior policy counsel for Consumers Union.

If you have multiple credit card balances, consolidating them with a personal loan could help your score.

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If you have credit card debt, then there are several simple steps you can take to eliminate it in less time.

Invest extra cash you have every month into paying off your highest interest rate card, while still paying the minimums on your others.

Once you've paid off your highest interest rate card, begin applying all your extra cash to the card with the next highest rate, and continue paying the minimums on the remaining cards.

But sometimes the distinction between “good” and “bad” debt isn’t so clear-cut.

In fact, because of this generalization, some people make the decision to refinance their home mortgage in order to free up money to pay off credit cards.

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