Consolidate question...........?

Question

Iam looking into consolidating my credit cards
(about $5000.00) and iam confused whether consolidating my credit cards is good or bad, to just have on bill a month and maybe less interest.

PLEASE RESPOND I WOULD LIKE TO DO THIS AS SOON AS POSSIBLE. THANK YOU.

Answer 1

Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.

When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/credit_card_debt_consolidation.html

Answer 2

A detailed answer would require a detailed question. Without specifics, an answer can not be specific.
As to whether it is good or bad, the real question is: will it help you? In other words, will you pay less interest? Will you make smaller monthly payments? Will you get out of debt sooner? Credit cards usually charge extremely high rates; check your monthly statements for the actual rates. If you can get a consolidation loan from a bank or credit union, you would most likely pay a lower rate. At any rate, the best deal is to pay off your debt as fast as possible, so don't charge anything unless it is really necessary; no movies, no video rentals, etc., until your debt is under control.
And, for sure, avoid those "credit counseling" services, unless you ABSOLUTELY KNOW if they are good.