Does consolidating credit card debt hurt your credit

One of the worst things about falling deeply into debt is dealing with multiple creditors.

There's too many accounts to keep track of, a stack of bills on your desk each month, and if you fall behind, a steady drumbeat of phone messages from creditors who want to be paid.

You'd think that the amount you could borrow would be the same, since you still have 00/mo.

Your mortgage payment would be 00/mo., so your debt ratio would be 00 00 = 37.1%, so if you bank allows a debt ratio of no more than 38% then you just squeaked in.

In these circumstances, debt consolidation may be helpful. There are two main debt consolidation options: debt consolidation by taking out a loan, and debt consolidation programs such as those offered by American Consumer Credit Counseling (ACCC) that do not require you to borrow.

One common approach to debt consolidation involves taking out a loan.

In recent years, peer-to-peer (P2P) lending opportunities have increased the options for people looking for a debt consolidation loan with bad credit.

P2P lending bypasses the banking loan system and allows regular people to organize loans between one another, usually through a website.