Hi guys! I’m a 40-year-old American flight attendant navigating a tough financial spot because of pandemic-related income loss and health issues. I’m on short-term disability with $17,158 in credit card debt spread across multiple cards with high interest rates. I’ve been approved for a debt consolidation loan, but I’m unsure about adding a new account to my credit report. With my fiancé’s support, I’m eager to pay off these debts aggressively. Any advice on whether I should go for the loan or tackle the cards individually would be greatly appreciated!
Applying for a debt consolidation loan may temporarily lower your credit score due to a hard inquiry, but it can simplify payments and reduce interest rates. If you make timely payments, it could help you manage and pay off your debt more effectively.