text: Yes, but not as bad as having late payments on 2-3 of your cards.\n\nIf you go this route, please take my advice.  You have to quit using your credit cards for a while.  \n\nThe bankruptcy courts are full of people who bought into the consolidation craze over the past few years.  But once they cleared those credit cards they went right back and used them again.  \n\nThink hard before you do this, and dicipline yourself.