by Alison Storm | 03/25/10

Considering consolidating your credit card debt?  If you've got lots of debt it may seem like a good move for getting your credit card debt under control. But before you make that move, do some research. Because just like most life decisions, deciding to consolidate your credit card debt comes with positives and negatives. Here are a few to consider:

Positive:You'll have a lower interest rate. Typically when you consolidate your credit card debt you'll have a lower interest rate for the whole amount than you did for each smaller debt. This may even mean your monthly payment is reduced as well.

Negative: It will take you longer to pay off your debt. When your credit cards are rolled into a lump sum, often the terms are much more spread out. That means a credit card that may have been paid off in months or a few years is now significantly extended.

Positive: You may not pay late fees. If you consolidate your debt it should reduce the likelihood that you'll have late fees or charges for going over your credit limit.

Negative: Once you consolidate your credit card debt it can be tempting to use them again. You'll feel good about the fact that you've only got one payment and sometimes that can lead you to rack up more debt.

Positive: Instead of making many payments to various credit cards each month you'll only have to make one payment. This means you won't be juggling multiple payments throughout the month.

It's important to weight the good and the bad when deciding whether to consolidate your credit card debt. It's a big decision that may or may not be the right move for you.