Does consolidating debt hurt your credit

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I am interested in hearing my options to save money in addition to my loan request.

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If you’re interested, learn more about how a debt management plan may help you and whether or not debt consolidation is right for you.

For many people battling debt like credit card bills, medical bills, and student loans, debt consolidation is an effective way to reduce monthly payments, lower interest costs and ultimately get debt-free faster.

If personal debt is the main reason for your loan, we highly recommend professional debt services to legally reduce your debt.

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In a debt management plan, you make a single payment each month, with each of your creditors receiving their agreed upon share of that payment.Whether or not that all adds up to a positive gain is really up to the consumer and what they do after they’ve consolidated their debt.Should you pay off a series of credit card debts with a consolidation loan, for example, there are usually three major immediate impacts: But here’s the most important factor to keep in mind – consolidating your debt does not make you debt-free.Additionally, if the company managing your payments under your debt consolidation plan fails to make the payments on time, you are responsible, and those late payments may be reflected on your credit reports.Plus, if the company convinces you to close all of your credit card accounts, it may negatively affect your utilization and you have no way to rebuild a rich history by using those cards in the future in a responsible way.

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