Instead of risking missing a payment on one or multiple cards, there is only one payment to remember.A credit consolidation loan isn’t just for credit card debt; many people add in other debts, even car loans to the payment.People often do this when they receive an offer with an attractive rate for balance transfers. FICO scores take into account your credit utilization (how much credit you’re using compared to what’s available to you.) and the overall amount you owe, among other factors.As you pay off accounts, your credit utilization goes down (which can be good for your credit score), but you’ll have one account with a large balance (which can negatively impact your score).
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