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How does consolidating affect your credit

However, there are different alternatives when it comes to coping with debt, some of which might help prevent further trouble in the long term.

Taking out further loans if you’re already in debt is not always a good idea, especially if it encourages even more borrowing on top of the consolidated loan.

It may also be the case that it’s not possible to get a consolidated loan, if you have a poor credit history.

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.

It’s also important to consider the period of repayment as well as any fees involved.

The monthly consolidated repayment might be lower than the existing total, but if repayments go on for longer, the total amount repaid might end up being higher.

However, it’s also important to get independent advice about how a consolidated loan might affect your financial future, not just how it will affect your credit report.