Debt consolidation can potentially hurt your credit in the short term, but it can also help improve your credit in the long run. When you apply for a debt consolidation loan, the lender will perform a hard inquiry on your credit report, which can temporarily lower your credit score. Additionally, closing old accounts or opening a new account for the consolidation loan can also have a negative impact on your credit score. However, if you make timely payments on your consolidation loan, it can ultimately help improve your credit score by reducing your overall debt and showing responsible debt management.
It is important to consider the potential impact on your credit before pursuing debt consolidation. Make sure to research the lender and loan terms to ensure they are reputable and will not have a significant negative impact on your credit. Additionally, create a solid payment plan for the consolidation loan to avoid missing payments and further damaging your credit. Overall, debt consolidation can have both positive and negative effects on your credit, so it is crucial to weigh the pros and cons before making a decision.
What does Beyond Finance do?
Beyond Finance provides personalized debt settlement programs for unsecured debts such as credit cards, medical bills and private student loans. It is affiliated with Accredited Debt Relief, a debt settlement company that operates in 32 states.
What are the negative effects of debt consolidation?
– May Come With Added Costs. …
– Could Raise Your Interest Rate. …
– You May Pay More In Interest Over Time. …
– You Risk Missing Payments. …
– Doesn’t Solve Underlying Financial Issues. …
– May Encourage Increased Spending.
Is Beyond Finance a debt relief company?
Personalized Services. Beyond Finance is a debt consolidation company. This means that when you choose to work with the company, you start making a monthly payment into a special account that you create solely for the purpose of paying off debts.
How long does it take Beyond Finance to pay off debt?
Our team will walk you through your options. Choose the one that’s best for you, and get ready to move beyond debt. Be Debt Free in 24 to 48 Months!
