Debt consolidation can be an excellent solution if you have multiple debts you’re struggling to keep up with. It makes getting out of debt easier and sometimes cheaper.
That said, debt consolidation isn’t a magic bullet. It can temporarily ding your credit scores or bring even more damage if you’re not disciplined with your debt repayment. Below, CNBC Select discusses what debt consolidation can do for your wallet and your credit and how to get the most out of it.
Debt consolidation and your credit
How debt consolidation works
Other means of debt consolidation
Additional debt consolidation options include a home equity loan or line of credit (HELOC) and a 401(k) loan. Bear in mind that with these loans, you’re borrowing again…
Read the full article at: https://www.cnbc.com/select/does-debt-consolidation-hurt-your-credit/