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How does consolidating affect your credit

Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.

There are a few ways you can do this, including a balance transfer, a debt consolidation loan, a personal loan or a peer-to-peer loan.

You can learn more about your options in the guide below and decide which one is right for you.

Trying to take out lots of different loans in a short space of time may also indicate to lenders that you are overly reliant on credit.

This may also negatively affect your chances of getting credit in the future.

You’re in deep with credit cards, student loan debt and car loans.

Minimum monthly payments aren’t doing the trick to help nix your debt.

If the payment is higher it might not be a good idea to switch, even if a single repayment is easier to manage.