Debt Consolidation
Date: Tue, 05/05/2009 - 09:15
My husband has 8 credit cards none with a very high credit limit the most is $300 but we are only able to pay the minimum every month. We would like to cancel 6 of them and keep only 2. We also have about $3000 in other misc bills. Is debt consolidation a good idea for us?
If you have a good credit score, you can definitely go for debt
If you have a good credit score, you can definitely go for debt consolidation loan to pay off your outstanding debts. However, closing off credit card accounts is not a good idea if the accounts have a good credit history, as it may lower your score.
