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When trying to deal with debt, consolidating your credit cards and low interest loans can help you save a lot of time and money.

Debt consolidation is a great way to get out of debt and more often than not it can help save you from financial ruin. And how do I go about consolidating my debt so that it won’t negatively affect my credit rating?

If you want to consolidate your debts on your own then you might want to consider a balance transfer.

This is where you transfer the balance from your high interest credit card to a card that has a lower interest rate.

Banks typically only want to lend to people with high credit score.

An Alternative lender will work with you to help you get back on track; just make sure you choose a reputable lender.

While getting out of debt can be life changing, you need to consider how a debt consolidation loan will affect your credit rating. We’ll go over all of these questions below so that you can be as equipped as possible to finally tackle your debts.

The debt consolidation loan is probably the most popular form of debt consolidation.

In the end your credit report should be on its way to looking better than it did before you decided to consolidate your debts.

Consolidating your maxed out credit cards with an instalment loan (a debt consolidation loan) will more than likely help your credit score.

Having a variety of different types of credit accounts will help improve your credit score and paying off credit card debt is always a good idea.

While every debt consolidation option has its own unique effect on your credit rating there are a few positive affects you can look forward too: If you handle debt consolidation appropriately and responsibly, the long term effect on your credit score and report should be more positive than negative.

Trying to cut corners or ignoring the issues at hand will end up doing more harm than good.

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But you’ll also be given an R7 credit rating that will last for the following 3 years.

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