How does consolidating affect your credit dating an indecisive man

Should you need to cut back on expenses in other areas to afford the consolidation loan payment, be sure you’re willing to make the needed sacrifices for the entire 5-year repayment period, and be doubly sure you don’t use those cards unless you can pay them off in full each month!

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As you make moves to get out of debt, you might want to consider consolidating credit cards or other loans to save you time and money.

But that begs the question—does debt consolidation help or hurt your credit?

A credit score is derived from items reported in your credit file.

It uses a complex mathematical algorithm to come up with a score that predicts whether you are more or less likely to default on your next loan.

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Only then will you steer clear of the financial disaster of racking up a new 5- or even 6-figure debt load after you consolidate.

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From student loans to a house mortgage, debt accumulation is stressful and overwhelming.

Funding an emergency savings account should help you better manage unexpected expenses as they occur, but if your main problem appears to be that you’re extending your income with credit, you need a spending plan.

You need a plan that brings your expenses in line with your income and one you will commit to follow.

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