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A Redditor With A 710 FICO Score Asks If Consolidating $20,000 In Credit Card Debt Is The Right Move: 'I'm In This Weird Limbo' [Yahoo! Finance]
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However, debt consolidation doesn't always make sense. A Redditor in the Dave Ramsey subreddit recently asked about consolidating $20,000 in credit card debt . The individual is looking at a home equity loan but is on the fence, hoping that interest rates go down. "I'm in this weird limbo," the Redditor explained. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share! Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you While the Redditor framed their question around waiting for rates to go down or tapping into home equity, commenters had other thoughts. The debt snowball is a popular method that involves paying off small debt first, building small wins, and using that momentum to become debt-free. Multiple commenters said that the original poster did not need to consolidate debt. Even if rates go down, it's expensive to
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