Does consolidating credit card debt hurt credit score

19-Oct-2020 03:25

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The average American household carrying a credit card balance has over ,000 in debt, but you sure wouldn’t know it.

People talk all day long about their workouts, favorite apps, and their love lives, but bring up the subject of money, especially credit card debt, and suddenly everyone clams up.“Money is the last taboo subject,” said So Fi Chief Operating Officer Joanne Bradford in a May episode of the Digiday podcast. They’re uncomfortable with talking about how much they make, how much they save, what they can do with it.”According to the American Psychological Association’s latest “Stress In America” report, money is the number one cause of stress—ahead of work, family, and health concerns.

But if you qualify for a 7.5% APR personal loan with a three-year term, and use it to refinance your credit card debt, your monthly payment would go down by and you’d save over ,000 on total interest over the life of the loan.

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Missing even one payment on an account will hurt your credit history and your credit scores.If you lose your job, So Fi will temporarily pause your payments and help you find a new job.