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What will debt consolidation do to my credit?

What will debt consolidation do to my credit?

Debt consolidation loans typically have a 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, lowering the credit utilization of those accounts. Other forms of debt consolidation services, including debt settlement or credit counseling will hurt your credit rating for the life of the debt resolution program, and potentially even longer.

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