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Even though you are only making one or two monthly payments, the counseling agency doesn’t actually pay off your creditors.Still, these programs are available regardless of credit scores, so if you are having trouble consolidating due to the fact that you are maxxed out on one or more of your credit cards, a DMP may be worth considering." data-reactid="17"Though often confused with debt consolidation, a debt management plan (DMP) is somewhat different.Scams abound.)Effect on Your Credit: Consolidating credit cards with high balances using an installment loan — a loan with fixed monthly payments — may actually benefit your credit rating, especially if you use the loan to pay off credit cards that are near their limits.At the same time, any new loan can cause a short-term dip to your credit scores — so don’t be surprised if that happens." data-reactid="15"Consolidating credit cards with high balances using an installment loan — a loan with fixed monthly payments — may actually benefit your credit rating, especially if you use the loan to pay off credit cards that are near their limits.On the other hand, FICO ignores any notation that you are paying your debt through a counseling program when calculating your scores.

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However, if a 0% card allows you to save money and pay off your debt faster, you can come out ahead in the long run both financially and credit score-wise." data-reactid="21" Depends on how you use a transfer.

Scams abound.)" data-reactid="14"It’s certainly not impossible, though.

Peer-to-peer lenders like Lending and Prosper.com, for example, routinely make these kinds of loans to borrowers with good credit.

Effect on Your Credit: Depends on how you use a transfer.

If you use a substantial portion of the available credit on the card to consolidate balances from other cards with lower balance-to-available-credit ratios, your credit scores may drop.

The biggest risk, though, is that it’s easy to run up new balances on the cards that have been paid off in the consolidation.

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