– Do you want to know how to consolidate your credit card debt
without hurting your credit? (upbeat music) Before I answer, make sure you subscribe
to our channel below. Or click on the bell icon, and that way, when we
release new information, you will be the first to get notified. So, how do I consolidate credit card debt without hurting my credit? One of the most common
ways of consolidating your credit card debt is
when you qualify for a loan that has a larger credit limit
with a lower interest rate. What happens next is you take
your higher interest rate credit cards or loans,
with a smaller amount, and then you transfer them
to your new qualified loan or credit card that has a larger amount with a smaller interest rate. Typically what happens is your payment then becomes less and then
you actually have these other credit cards now
with a zero balance. When you consolidate your loans that could result in a
lower monthly payment and it may take a slight
dip on your credit score but that should be easy to get back up. The danger lies in when
you have these open small balanced credit card or loans with a high interest rate. Now what could happen is if you’re not changing your habits those
credit cards or loans now could be used and then you
can over extend yourself. This commonly happens
and that could ultimately lead to financial hardship. In that case you may want
to consider a program like debt relief or debt settlement. Thank you for watching,
feel free to comment below with yes if you have found
this information helpful, if you didn’t comment below with no and please give us a
question that you would like to have answered on
one of our future videos. And if you would like more information about debt relief or debt settlement, visit us on our website at AlleviateFinancial.com. (upbeat music)