And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " Consolidation isn’t a silver bullet for debt problems.
If you have serious debt problems, you should definitely consider seeking the advice of a credit counselor.
More Debt consolidation can help your credit if it helps you make on-time payments or shrinks balances on revolving accounts, especially if credit card balances were near their limits.
Your credit may be hurt if you run up credit card balances again, close most or all of your remaining cards, or miss a payment on your debt consolidation loan.
If you’re dealing with a manageable amount of debt and just want to reorganize multiple bills with different interest rates, payments and due dates, debt consolidation is a sound approach you can tackle on your own.
Check our debt payoff guide to further assess your options.