Consolidating debt hurt credit score

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It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.A debt consolidation loan can be an extremely useful tool, just make sure you’re getting one that is actually going to help your debt situation, and not hurt it.Your best bet is to go with an alternative lender, especially if your credit is already less than great.Not only does this make budgeting and paying your monthly debts easier, but it also allows you to pay off your debt faster with more of your payments going toward the actual debt rather than the interest.People with good credit can normally go the DIY route when it comes to consolidating their debt.You can spend that

It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.A debt consolidation loan can be an extremely useful tool, just make sure you’re getting one that is actually going to help your debt situation, and not hurt it.Your best bet is to go with an alternative lender, especially if your credit is already less than great.Not only does this make budgeting and paying your monthly debts easier, but it also allows you to pay off your debt faster with more of your payments going toward the actual debt rather than the interest.People with good credit can normally go the DIY route when it comes to consolidating their debt.You can spend that $1,300 reducing the principle instead of tossing it into the wind.If greater challenges are facing you on your journey to lower your debt, consider credit counseling (which pairs you with a credit counselor to develop a payoff plan) or debt settlement (which involves negotiating new terms on your debt.) Regardless of the option you choose, the most important aspect is choosing to do something about your debt.

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It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.

,300 reducing the principle instead of tossing it into the wind.If greater challenges are facing you on your journey to lower your debt, consider credit counseling (which pairs you with a credit counselor to develop a payoff plan) or debt settlement (which involves negotiating new terms on your debt.) Regardless of the option you choose, the most important aspect is choosing to do something about your debt.

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If you’re currently thinking about consolidating your debts this option is probably high on your list of viable choices.

If you’re financially drowning, of course you can declare bankruptcy.

The problem is that bankruptcy is a serious derogatory mark on your credit.

National Debt Relief is one of the country's largest and one of the most reputable debt settlement companies.

But if you're interested in learning more about how the debt relief process works, Debt has many highly rated interactive tools and resources to let you hit the ground running.

While getting out of debt can be life changing, you need to consider how a debt consolidation loan will affect your credit rating. We’ll go over all of these questions below so that you can be as equipped as possible to finally tackle your debts.

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