Hi guys,

Could you please share your thoughts and ideas on debt consolidation? How bad it can hurt your credit history? And what's the best way to pay off loans with limited income? I really need some advice because I Pay a lot of interests.

debt consolidation is not a very good idea in my view. its taking a new loan to pay old loan. and if you already have outstanding loan the APR on new loan could be higher. if you are talking about credit card debt, the good option will be to enroll in payment assistance program (most credit card want to see couple of missed payments). call the CC company after you miss 1-2 payments and ask to be enrolled in financial hardship program. they will give you option to close the account and pay fixed monthly payment until balance is clear. APR is usually 1-4%. if you dont want to close account they will offer you this plan for a year or so. 1-2 missed payment will have minor impact on your credit score. it will do more damage only if you miss payments for more than 90 days ..(will stay for 7 years). if your credit account is closed that will initially drop the score but once you start making monthly payments it will start to go up again. credit card companies will still report your =payments to credit bureaus  even if the account is closed so eventually your score will come back up. 

https://www.youtube.com/watch?v=Q5jlY8_WmEE
Use this method to pay off. Also banks are helping people due to Covid. Call each of your creditors and ask if they will eliminate intest or put you in a payment plan.
If you're already carrying balances, credit scores will take time to go up. If there are no immediate purchase needs like car or house, ignore the scores. Pay what you can with the snowball method and make sure you have enough to survive.
Good luck.

https://www.ramseysolutions.com/debt/how-the-debt-snowball-method-works

Hey guys, I really appreciate your suggestions. Here is a little more story:

American express: did help and signed up for the COVID relief program last year june and now I am not eligible, I have to wait one more year. They said they can't extend it.

Chase and bank of America would not enroll me because I didn't have a job due to COVID and even after having a job they would not approve or lower my apr. I am not sure what's going on. It is difficult to get out of any loans. I don't know what to do.

If your credit isnt already shot, and you want to try to get out and pay your debt, get two balance transfer cards. If you get approved for these cards, dont sit on payments. After the free intrest period they will bulk charge you.

You can try DCU https://www.dcu.org/services/fee-free-services/online-balances-transfers.html
And Discover https://www.discover.com/credit-cards/balance-transfer/