Is it wise to do debt consolidation?

[msotas]

I live in Texas and my daughter has put me in an incredible amount of credit card debt...$30,000.00 dollars worth! I am considering doing a debt consolidation with a consolidation company. Does anyone have any negatives or positives about doing this and how bad will it affect my credit?

 

[jharris352]

Having been a lender for 15 years I am qualified to answer this. Consolidation is a wonderful idea IF you take the difference in your old and new payment and apply it to the balance of your loan until it is paid off.

If on the other hand you spend it, you are digging yourself a hole that you will be buried in financially.