Is debt consolidation right for me?

Is debt consolidation right for me?
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I am 25, married, and we have $30,000 in debt. We have temporarily moved in with family to save for a home. We own two cars and have terrible credit. We would like advice in how to repair our credit and repay debt before owning a home. We have 100% on time payments on all accounts and no derogatory marks.


Having on-time payments will go a long way with your goal of homeownership. So, congratulations on this accomplishment!
The first step in debt reduction is to establish a budget. Visit for budgeting forms. Once you have identified where your money’s going, you can begin strategizing on debt reduction. Visit
For a more defined answer, feel free to reach out. Good Luck!


There are many factors that go into your credit score.
Making your payment on time makes up 35% of your score, so good job!
30% is made up of outstanding debt or the amounts you owe. Have you been charging more?
Credit utilization, one of the most important factors considers the amount you owe compared to how much credit you have available. If this has increased, it would lower your score.
Length of Credit history makes up approximately 15% of your FICO score. Did you close an account that had been open for a long time?
Have you been applying for more credit? 10% of your score is based on this information, so opening new lines could negatively impact your score.
The final 10% of the FICO is determined by the types of credit you have. You want to have a variety of debts.
Paying attention to these factors, and making adjustments where necessary will help you increase your credit score.
Good luck!


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