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Consolidation works best when your ultimate goal is to pay off debt. The four most effective ways to consolidate credit card debt are: Balance transfer cards. Personal loans. Home equity loans or lines of credit. 401(k) loans.How does debt consolidation affect your credit score?
A debt consolidation loan affects your credit score in a positive way. In fact, to credit agencies, paying off several accounts with the consolidation loan makes it seem as if you have paid off accounts. The debt consolidation loan appears as a new credit account, but accounts paid in full are always positive.