Does consolidating debt affect your credit score
As you've probably already figured out, debt plays a big part in your financial life.
You should get free debt advice before taking out a debt consolidation loan.
Carrying a lot of debt, especially high credit card debt hurts your credit score and your ability to get approved for new credit cards and loans.
Even if your debt-to-income ratio is low, if your debt hurts your credit score, you could still be denied.
You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.
You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.