Is it bad to consolidate debt?
If you’re hopelessly drowning in debt, know that you can’t negotiate any lower interest rates with your credit card companies or creditors, or if the math works out, a debt consolidation loan may be a good decision for you. … If it may be a good time to strike, pay it all off, and walk away debt-free.
How does debt consolidation affect my credit score?
The way debt consolidation affects your credit depends on the various options you choose. … If you consolidate by taking a personal loan to pay off your creditcards, your utilization ratio could go down, causing your score to go up.