Are your credit cards in charge of your life? Are you living payday to payday with no end in sight? Making large payments but not making much of a dent on your principal balance? It may be time to consolidate and live debt free.

Debt free living opens up so many possibilities for using your money more wisely. The money once used to make monthly bill payments can go toward college funds and retirement savings. It can be used for investments and cash to use on travel and recreation.

The first step toward living debt free may be to consolidate your current indebtedness. There are several methods to consolidate your bills and each once requires careful examination before taking the plunge. Before making the first move to consolidate it is important, however, to be fully aware of your credit history and current credit (FICO) score. Only when you know as much about yourself as your creditors do can you make wise decisions about your finances and begin to live debt free.

FICO scores range from 400 to 800. Scores above 720 designate excellent credit. Scores below 550 are considered sub par. Even a score below 600 can make it more difficult to consolidate. Beneath this range will make interest rates and fees higher. Read More