What are the pros and cons of consolidating credit card debt with a line of credit?
The pro is that it gives you one payment instead of many to make. This can be a real advantage psychologically. The fewer the payments you have to make, the more you can concentrate on paying it off. And you can probably consolidate at a lower interest rate than your current credit card rate. The con is that when people who have credit problems consolidate their cards and other debts into one payment, they often go right back out and charge up their cards again. This leaves them with even more of a credit problem. Once you consolidate, cut up the cards!!
