Does consolidating debt affect credit


Creating a budget and starting a savings habit are small steps that could build a stronger financial future.If you don’t have an immediate need for cash, work on building your credit score.

You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.A higher score will qualify you for more loan opportunities, lower interest rates and better loan terms in the future. Several personal finance websites, including Nerd Wallet, offer a free credit score.Look for a site the offers educational tools such as a credit score simulator plus access to your credit report.A personal loan offers some advantages over balance transfer cards.Fixed payments ensure you’ll pay off debt on a set schedule.Borrowing limits are typically higher; some lenders offer loans of ,000 or more.

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