I've $30,000 in debt and and was thinking to consolidate all those into one monthly payment. If I plan to do so, just want to know how things will show up on my credit report once everything is said and done.

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There are many ways of consolidating your debt either by debt consolidation program or by getting a consolidate loan. Interest rates are quite much lower than other and you can simply adjust your monthly installments accordingly.

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Debt consolidation might be the best option for you if you have too much debt burden. If you take out a debt consolidation loan and pay off the existing accounts, then all your accounts will instantly show as 'paid off' on your credit report. After that you'll be paying only toward that new consolidation loan.

However, if you get enrolled in a debt consolidation program, you can see a boost in your credit score in the long run, as debt consolidation programs usually take greater time to complete.


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