Consolidating debt hurt your credit
This will be used to calculate how much you would end up paying when staying current on your accounts.
The interest rate that you put in here, will not effect the figures that are calculated for the consumer credit counseling and debt settlement programs.
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.
This page explains debt consolidation loans in 2017.
So if an unforeseen circumstance happens, you will be more suited to handle it.* Put the average interest rate that you are paying or that you were paying on your accounts.
A consolidation loan will take at least 5-years to complete paying off.
So if you’re struggling right now, would it make sense to lock yourself into a 5 year plan when there are shorter term options?
Banks typically only want to lend to people with a 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.