How badly does debt consolidation affect a person's credit ?
Question:
Answer:
My experience is that it doesn't effect it very much. The way the darn credit scores are calculated, it may even help it out.
Just a word of advice. If you do consolidate your depts get rid of your credit cards. Too many people end up adding more debt to those cards and end up bankrupt.
Actually, it really doesn't.
It shouldn't affect it at all, unless the consolidation was part of a negotiated restructuring of your debt by some sort of credit counseling service.
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