Consolidating bills into one monthly payment

Then, while you're making monthly payments on the loan, you start to use those zero-balance credit cards again to charge new purchases. A new loan to consolidate credit card debt you just accumulated may not be possible, because the more debt you have has a negative impact on your credit rating.

" The key to becoming debt free is to change your perspectives about money and using credit.But continuing to borrow money to pay off your bills makes debt and bill consolidation more difficult and is like placing a small bandage on a growing woun.Generally, the more money you borrow, the more you spend, and the more debt you pile up.Due to the number of scams and risks associated with fraudulent debt relief companies, you should thoroughly research your options when considering any debt relief plan.

Work only with trustworthy companies who have solid histories of getting consumers out of debt.

For example, let's say you take out a consolidation loan.