Will Debt Consolidation Hurt My Credit?

By Gressley Stevens - Jul 23, 2009

Have you ever wondered if Debt Consolidation will hurt your credit? Do you ever think, will debt consolidation hurt my credit? If so, then here is your answer as we go through the 3 top answers to the question, will debt consolidation hurt my credit?

Answer #1

Debt consolidation will not hurt your credit in the long run because you will get yourself out of debt and be able to move forward with your credit. You do, however, need to be intelligent about how you go about debt consolidation and avoid paying off credit cards and using them again. Once they are paid off you need to get rid of them.

Answer #2

Debt consolidation will only hurt your credit if you are irresponsible with your debt consolidation. Too many people pay off credit cards and loans, then they turn around and run up their credit cards again. Then, they end up in a worse situation than before they consolidated.

Answer #3

The simple answer to the question is that no, debt consolidation will not hurt your credit. It is a tool to help you get your finances under control and move towards a better credit rating.

So there you have it, the top three answer to the question, Will debt consolidation hurt my credit? There are a lot of people asking this question and a lot of people in debt. You are not alone. If you are considering debt consolidation, then you probably should be consolidating your debts and now is the time to do it.