text: is debt consolidation a good thing for my credit score or will it damage it ? being a recent grad and not in my prefered area of employment is rough, as it is for many recent grads. my dilemma is my finances. my poor financial decisions (i.e. credit card debt) in college has caught up with me and it is racking my brain. i have considered debt consolidation because of the seemingly positive benefits of reducing my payments and paying just one bill...but is it too good to be true? it seems that there are quite a few debt consolidation businesses popping up and that is cause enough to sit up and really ask what's really going on. i mean, is it really good for my credit (as well as my mental well-being)? am i better off just toughin it out or should i take the leap and just take a chance with a reputable debt consolidation company? what's a poor girl to do? don't go there.  call your credit card company and negotiate the interest rate.  they will usually work with you and drop it way down as low as 6 percent if you are tough about it.  then pay off as soon as possible.  other wise you got a snow ball that will roll up bigger and bigger.  just use the rule of 72, what you do is divide the interest rate by 72.  if it is 12 percent then 72/12 equals 6 and your debt doubles in six years.  that means you got to get the interest rate down and pay it off with a dead line.  good luck!