Credit Card debt consolidation

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Is it a good idea to consolidate credit card debt. Doest it affect our credit history??
I have been offered a debt consolidation deal into a payment, but APR for that single payment is going to be really higher (almost by 6%) than what I been paying for CCs.
Appreciate your help.
Thanks,

PeaceSoul

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Please don't do that. One of my friend is in really big trouble. They get money from you and they don't pay it to credit cards and you will get collection letters and your credit score will be badly affected.

Just go to local credit unions and they will give you option to transfer your credit at very reasonable rate. Thats what I did.

Good luck.

washingtonguy

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Please please please dont' do that...
Possible temporary solution: call bank and try to tell them a situation with story (e.g. emergency doctor fee) they will down your APR or they will hold payments for some months.
Debt consolidation is not a good idea if you don't job.

Another really good solution apply for credit card which has free transfer for a year (citi has one) and pay off all other cards bebt.

nO_bOdY

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Thanks guys.
Initially I was gonna do that. But, now I ll go talk to bank if they can help me.
Washingtonguy, I was jus tryin to find out if its good because I been offered this consolidation deal, not me looking for it. And yeah, I got a job too.

Thanks for ur suggestions.

Phiste

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Merging credit cards and debt consolidation are the same or different things. When my previous credit card with 0% apr was over i merged it with a new 0% apr credit.

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