You might end up hurting your credit or spending more money than you would if you just paid off your cards.

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Consolidation service credit card consolidating debt video

In particular, a credit union might give you the opportunity to sit face to face with a lender and discuss your situation.

Smaller institutions are more likely to approve loans on attractive terms even if you don’t have perfect credit. If you have good credit, you probably get several of these offers per year.

Your credit card debt is personal unsecured debt already, and it’s best to keep it that way.

If you switch to a loan that is by collateral, you’re increasing your risk – and you'd need a good reason to take that risk.

Consolidation is simply the act of bundling multiple loans into one single loan. If possible, always go with unsecured personal loans that have a fixed interest rate.

These are loans that you get based on your credit and income.

This is risky, and we'll discuss the risks (and better alternatives) next.

There’s no single type of consolidation loan for paying off credit cards.

Especially if you only make the minimum payment, you’re barely making a dent in your loan balance, and it can be hard to keep your head above water.