Consolidating student loans advice

With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.

A personal loan balance is reported as installment debt, which is treated differently in credit scoring formulas than revolving debt such as credit cards.Creating a budget and starting a savings habit are small steps that could build a stronger financial future.If you don’t have an immediate need for cash, work on building your credit score.Other options for borrowers with bad credit include secured or co-sign personal loans.

Some lenders say they have no minimum credit score requirements, but that does not mean they don’t check your credit report.Knowing your credit profile before you apply can help set expectations.

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