does a consolidation loan affect credit score

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  • Does debt consolidation affect your credit score?

  • Debt consolidation could be a fit if you have trouble paying your bills, are not comfortable with your current amount of debt or are unsatisfied with the interest rates ( APRs) on your existing credit cards or loans. However, it鈥檚 also important to be aware of how debt consolidation could cause changes to your credit score.

  • Can a personal loan be used for debt consolidation?

  • With a personal loan used for debt consolidation, you take out a new loan from a bank, credit union or another lender to pay off higher-interest debts, such as credit card debts or other bills. Balance transfer credit card.

  • What are the pros and cons of a consolidation loan?

  • This can improve the quality of life of those who are living under the stress of dealing with living paycheck to paycheck or running behind on their bills. In addition, credit scores can suffer greatly when bills are late. Consolidation loans also carry with them certain disadvantages.

  • What is debt consolidation and how does it work?

  • Debt consolidation combines your credit cards bills into one manageable, lower-interest pile, with one monthly payment. There are many debt consolidation options; some have a bigger impact on credit than others.

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