Debt consolidation?
Question:
Answer:
It is a good option if you are disciplined, i.e., after all the credit cards are paid down/paid off, you won't run up a new set of charges. Debt consolidation will allow you to payoff high interest bearing credit card debt with a new loan that should be at a much lower interest rate. Don't even think about using one of the debt consolidation offers on the web -- all scams. Go to a bank you know and trust -- all of the major banks do offer debt consolidation but at varrying interest rates -- check to see who has the best interest rate. I do recommend you set the term at a reasonable time frame -- go for 3 years or less if you can afford the monthly pmt.
Good luck.
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