Consolidating credit counseling

Debt consolidation has the potential to help or hurt your credit score—depending on which method you use and how diligent you are with your repayment plan.The strategy is considered in situations where people want to streamline the repayment of multiple high-interest debt amounts—often with the hopes of saving money and lowering their debt burden.This grace period is intended to give people extra time to settle any issues with insurance or to make a payment toward their debt.Depending on what type of student loans you have, there are various consolidation options available.People with "fair" to "exceptional" credit scores will have an easier time getting approved for a new loan, and will also be eligible for a lower interest rate.

Debt consolidation has the potential to hurt your credit score in several ways, depending on which method you use.It is easy to set up and personalized to your situation. See what to expect I talked to several credit management companies who made me feel like a statistic, not a human being.Take Charge America, an NFCC member, was interested in ME! Debt consolidation is typically used by people who have mounting debt and want to reduce the number of lenders they have to pay each month.While eliminating or lowering your debt may help your credit score over time, debt consolidation is not typically used as a strategy to increase your credit score.

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