Consilidating credit card debt

The real questions to be answered are: Why do you have such a large amount of credit card debt?Have you started an emergency savings account of 6 to 12 months' worth of living expenses, so you won't have to use credit for unexpected expenses?

SEARCH RATES: If you're considering a personal loan for debt consolidation, first check out the rates at Moving the balances of your credit card accounts into an installment loan for purposes of consolidation may cause a slight drop in your credit score.The content is broad in scope and does not consider your personal financial situation.Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy.You need to understand how you got in that situation if you are going to avoid getting there again and again.

Only then will you steer clear of the financial disaster of racking up a new 5- or even 6-figure debt load after you consolidate.

The cliche about rearranging the deck chairs on the Titanic came to mind when I read your question.

Debt consolidation won't address the real problems that may sink your credit rating!

A credit rating is assigned by a person who looks at issues beyond your credit report before deciding how creditworthy you are.

These issues include income, job stability, your ability to use dormant credit lines and more.

Without taking these positive money-management steps, consolidating your debt will not help your credit rating in the long run but could create the potential for disaster instead.