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We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.But we may receive compensation when you click links on our site.But you’ll also be given an R7 credit rating that will last for the following 3 years.An R7 credit rating will show up on your report as “making regular payments through a special arrangement to settle your debts”.Consolidating your maxed out credit cards with an installment loan (a debt consolidation loan) will more than likely help your credit score.
After more than 20 years of helping people with debt problems, I can say with certainty that there is too much focus on the credit report and credit score when what is being sought is debt relief.You’ll work with a credit counsellor who will negotiate with your creditors to reduce your interest rates and payment amounts.You’re still paying back your debt and you’re technically not consolidating your debt, but it’s another great form of debt relief.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.
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If you want to consolidate your debts on your own then you might want to consider a balance transfer.