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Ask the Dolans: Is debt consolidation a smart choice?

Ken and Daria Dolan
Sep 26th 2008 at 10:00AM

Filed under: Banks, Budgets, Debt, The Dolans, Bankruptcy

Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

Click here to ask Ken and Daria your question.

Here's the truth: Americans are drowning in debt. Consumers currently owe nearly $700 billion on all credit cards and carry, on average, more than $8,000 in credit card debt from month to month.

Now, here's the good news: This doesn't have to be you. If you're having trouble making payments, consolidating your debt may be the answer. Let's take a look at what exactly this means and how it could help erase your balances once and for all.

Dear Ken and Daria,

I have a high amount of debt and have been thinking about debt consolidation. Can you explain how this works, and how it affects my FICO score?

-Bruce

Are you up to your eyeballs in debt? Ken and Daria show you how to get outstanding balances under control with smart debt management strategies, only at Dolans.com.

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