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It is used as a method of reducing or eliminating debt.Debt consolidation has the potential to hurt your credit score in several ways, depending on which method you use.Federal student loans can be consolidated through the Federal Direct Consolidation Loan Program.Your credit score is not considered for this program and borrowers that are up to date on their payments are eligible.But it is important to be careful of restricting yourself when consolidating student loans.Depending on whether you have private or government-backed loans, consolidating can bind you to a higher monthly payment or longer term.

Sometimes, credit counselors work with you to develop a debt management plan and can also help you make your payments.It is important to make sure that your credit counseling organization makes all payments for you on time.Credit counseling organizations typically make the agreed-upon debt payments for you each month, and so the responsibility is on them to make sure they pay each bill on time.By rolling medical debt into a debt consolidation loan or by paying for it with a low-interest credit card, you would have to pay the interest on new account—which in some cases could be more than the original rate.In 2017, the three major credit bureaus added a policy that gives consumers a 180-day grace period to resolve outstanding medical debt before it appears as past due on their credit reports.

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