Consolidating credit cards with high balances using an installment loan may actually benefit your credit rating, especially if you use the loan consolidation to pay off credit cards that are near their limits. If you are looking for a credit card consolidation loan, you probably have multiple higher rate credit card bills you are trying to pay off.
Although you can never borrow your way out of debt, you can greatly reduce the amount of interest you pay every month. Depending upon the credit card balances you are currently carrying, this could save you hundreds, even thousands of dollars. You can improve your credit; just start down the road to debt relief right now by applying for a loan consolidation. You can enjoy one easy monthly payment with unsecured loans so you won’t need to take out a second mortgage or home equity loan.