Does debt consolidation effect credit and credit score?

This is totally dependant on the type of debt consolidation Most commonly, debt consolidation happens through a secured debt consolidation loan. You are effectively replacing your debts with this new loan. You will pay off your other forms of debt and only have the one loan payment to pay.

This will not harm your credit file, as long as you don't miss payments to your new loan, as it will show that you have paid off all the other debt However, debt consolidation can also happen through a debt management plan. This is where a debt management company will negotiate with your creditors to offer you a lower monthly payment. This type of debt consolidation will effect your credit rating as you will be breaking the original terms and conditions with which the debt was lent Answer Debt consolidation has minimal effect on your credit.In most cases, you apply for a home refinance or debt consolidation loan and use the proceeds to pay your other debts.

Although you will now have a single larger debt on your credit report, several small debts will be eliminated.

If you are struggling with overwhelming debt and have too many bills and not enough money to pay them all then you should always opt for consolidation Debt consolidation lowers your monthly payments and helps you get your finances under control....!

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