If I consolidate my credit cards, can I still use them?
If you consolidate your credit cards, you can still use them. There is one possible exception, though.
By consolidating your credit card debt, you are moving the balances on those cards to a personal loan. This means that your credit card utilization drops to zero, but your limits don’t change. You can definitely use those cards the same way you could before. So, if credit cards are essential to your day-to-day financial life, consolidating your credit card debt won’t mean you can’t use your cards anymore. The only exception to that rule is if you consolidate with a financial institution that requires you to relinquish your cards as a condition for being approved. This can happen, but most lenders will not require it.
If you acquired your credit card debt because you struggled to control your spending, you may not want to keep using those cards. Consolidating might just give you the opportunity to continue running up your debt. You might find yourself in worse shape than you were before. However, if you are comfortable that you can control your spending, using the cards for limited purchases and paying them off in full at the end of every month can be a great way to help build your credit score.
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