Frequently Asked Questions

Here are the answers to the most commonly asked questions about Consolidate My Credit.

What is Consolidate My Credit?

Consolidate My Credit is a resource about credit debt consolidation and other financial issues for people who are novices on the subject. We provide easy-to-understand information about credit debt issues in order to help our visitors overcome their debt burdens. We also supply visitors with complimentary referrals to credit debt consolidation companies. Especially for debt beginners, debt consolidation can be an excellent way to begin paying off your debt.

What does it mean to consolidate credit debts?

Debt consolidation refers to bundling what are usually high-interest debts into one debt with a lower interest rate. After consolidating, you will only make one payment each month on this single debt. You only have one creditor and one payment to manage, as opposed to dozens. In consolidating your debt, you also are able to reduce your interest and payment burdens, making it easier and cheaper to overcome debt. Consolidate My Credit works with many debt consolidation services and can give you a free referral to one of these services if you are interested.

How much need do I need to qualify?

You should ask this question during your free consultation to get an more exact answer. In general, consolidation services ask that you have unsecured credit debts adding up to at least $5,000.

When can I get out of credit debt if I consolidate?

Most Consolidate My Credit consolidation partners can help their customers get out of debt in about four to eight years. How long it takes you will depend on your creditors, your payment consistency, and your amount of debt.

Is credit debt consolidation the same thing as credit counseling?

No, debt consolidation is a for-profit service that has special arrangements with most creditors in the U.S. to pass on lower interest rates to consolidation customers. Credit counseling is a non-profit service that helps debtors work out repayment plans, create budgets, and trim expenses. Credit counseling is typically available in most areas for little or no cost.

Can I consolidate my housing debt?

No, you cannot use the Consolidate My Credit type of debt consolidation on your mortgage loans. Secured debt is not eligible for debt consolidation. If you would like to get a better rate on a home loan, we recommend that you try refinancing the loan.

Can't I consolidate my credit debts with a home equity loan?

Yes, you can. However, you may actually extend the time it takes to pay off your credit cards if you use this type of loan to consolidate. If you fall behind on your credit card payments, you may harm your credit score, but you won't risk losing your house. Home equity loans put your house on the line.