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wintryblue

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is it a good idea to consolidate credit?
I have about 3 cards with balances on them that I am thinking of consolidating but I don't know enough about how that works. Can credit consolidation hurt my credit or help it? Will it build my credit up faster since I would do one payment for the remaining balance(s) owed?

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Consolidating has the advantage of stopping the interest rates from eating your balance alive, but it also kills the cards. You may want to just start with the lowest balance/APR combo card and pay it down as fast as you can to zero balance. After that, you attack the next biggest, then the biggest.

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