I'm selling my car this week, which will pay off the loan a year early.I have about ,000 in credit card debt on 2 cards that I want to consolidate.Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.
” To answer that, you need to understand how credit reports and credit scores work.
But credit scores can always be corrected over time, and consolidating debt may be necessary to ensure a healthy financial future.
If borrowers are struggling under the weight of their current debt and monthly bills, they shouldn’t hesitate to seek help through debt consolidation simply due to credit score concerns.
If your credit is already in the crapper, you cant go much lower.
But if your accounts are all current now, your score will take a major nose dive.