Consolidating credit card debt affect on credit rating

Sometimes, during your negotiation of the debt settlement arrangement, the lender may agree to instead report the balance as "paid in full," which does not hurt your credit score as much.Your credit report also reveals a history of each account, including whether payments were made on time, original terms on the loan agreement and other information about how you maintained the account.For example, if you have an auto loan, a mortgage and three credit cards, one of which is over 90 days past due, do not attempt to settle that debt at the expense of falling behind on your other obligations.One unpaid account is better than having late payments on multiple accounts.Most creditors will charge around 3% fee capped at max. Transferring your balance will allow you to quickly pay off your debts without any interest.Make sure you read the fine print to determine if the APR after the promotional rate is acceptable.

For many of us, there are still a handful of options to think through.

How It Works: Both are terms we hear a lot about in the personal finance community.

Simply put, the debt snowball method works by paying your lowest balance credit card first and work your way up.

When you fall behind on payments, each late payment is recorded.

If you are facing a debt settlement, it is generally because you are already far behind on your payments, so several late payments have most likely already been recorded on your credit report.

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