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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.Interest rates do not appear on a credit report; therefore, the interest rates on your credit cards do not affect your credit worthiness or credit scores.While consolidating those debts into a single payment with a lower interest rate can help you pay off debt faster, you should be wary of companies offering debt consolidation plans.
They can help you negotiate terms with your creditors and assist you with making sure payments continue to be made on time during any changes made to your payment schedule.
Simply put you get a new loan, which has better terms and a lower interest rate, to pay off your other debts.
If you’re currently thinking about consolidating your debts this option is probably high on your list of viable choices.
Banks typically only want to lend to people with high credit score.
An Alternative lender will work with you to help you get back on track; just make sure you choose a reputable lender.
Taking out a debt consolidation loan can affect your credit score.