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I currently have approximately 9000 in credit card debt. This is dragging my score down. Will it be beneficial to apply for a consolidation loan at around 19%? Everything else is great, never miss a payment, own a home, truck financed over a year ago. I am trying to maneuver to get my score up, as to have better options to then refinance the debt at a lower rate. Is this something that would do more harm than good, or a solid idea? Thank you!

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First things first...what are you looking to purchase in the next year that score matters?  You own a home, you have a vehicle.


$9K simply isn't a lot of debt.  It just isn't.  It makes no sense to flip it to a loan at almost 20%.  It just doesn't.  $9K is something that should be cleared inside of 15-18 months using a snowball plan. 

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This isn't a yes/no question without more info.


What are the APRs on the credit cards?


Are you currently making minimum payments, or significantly more than that?  If you're only making the minimum, can you afford more (your minimum payments may go UP, depending on the term of the loan.


If you're 100% honest with yourself, do you have the discipline not to charge the cards back up?



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