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Debt consolidation combining multiple debt balances into one new loan is likely to raise your credit scores over the long term if you use it to pay off debt. But it's possible you'll see a decline in your credit scores at first. That can be OK, as long as you make payments on time and don't rack up more debt.

Here's how to get a debt consolidation loan in five steps. Check your credit score. Start by checking your credit score.List your debts and payments.Compare loan options.Apply for a loan.Close the loan and make payments.

Combining multiple outstanding debts into a single loan reduces the number of payments and interest rates you have to worry about. Consolidation can also improve your credit by reducing the chances of making a late paymentor missing a payment entirely.

Debt consolidation 1 is one way to make paying off your debt more manageable. Instead of paying several minimum monthly payments on a number of bills, this repayment strategy involves getting a new loan to combine and cover your other loans or debts. You can then repay all of your debts with a single monthly payment.

Debt consolidation qualifications Proof of income this is one of the most important debt consolidation qualifications.Credit history lenders will check your payment history and credit report. Financial stability lenders want to know that you're a good financial risk.

8 Ways to Consolidate Unsecured Debt Debt management program. Credit card balance transfer. Personal loan. Peer-to-peer online lender. Home equity loan or line of credit. Retirement account loan. Borrowing from friends and family. Cash-out auto refinance.

Although it usually takes a few weeks to obtain a Federal Direct Consolidation loan, sometimes it can take months. Consolidation typically takes 30-45 days.