Does consolidating credit card debt hurt your credit
When you start a debt management program, you’re adjusting the payment schedule for your credit cards.
Of course, if you have really excellent credit, then a few missed payments in the first month of your debt management program CAN make a difference and lower your scores.
Fact: Even with an assisted debt management program through credit counseling, your credit score may improve.
Debt consolidation usually only hurts your credit score when you don’t do it right or don’t use the right solution – So how and when does that happen?
Those are the two biggest factors in determining your credit score.
So many times, your score goes up as your debt goes down.