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Will debt consolidation hurt my credit?

Debt Consolidation (also known as credit counseling), is an essential tool if you want to avoid high interest rates and ridiculous finance charges. The stress and grief, is not needed. To clarify, debt consolidation will not hurt your credit score. If you click here, you will see at the bottom of FICO's website that this program will not hurt your credit score.

Remember, if you keep making just the minimums expect to be in debt for two years for every thousand you owe. Given you owe $10,000, expect to be in debt for 20 years. This is true and very unfortunate. Unless you can double or triple minimums, debt freedom is usually not possible.

As per FICO's (c) website, when you click "what is not factored into your FICO (c) score and scroll to the bottom - you'll see "Whether or not your participating in credit counseling of any kind". Again, here is the link

http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx

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