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Debt consolidation is typically used by people who have mounting debt and want to reduce the number of lenders they have to pay each month.

While eliminating or lowering your debt may help your credit score over time, debt consolidation is not typically used as a strategy to increase your credit score.

When you consolidate revolving debt—like credit card accounts—you also will be working toward reducing your utilization ratio—one of the most important factors in calculating your credit score.

Knowing your credit score before you apply for debt consolidation loans will help you choose the right loan and avoid incurring multiple hard inquiries in a short period of time.In the case of most medical debt, consolidation might not be the answer if you are hoping to save money on interest payments.Medical debt typically has a very low interest rate, and in some cases no interest.Credit counseling organizations are typically non-profits that exist to advise people on how to manage their money and establish budgets.Sometimes, credit counselors work with you to develop a debt management plan and can also help you make your payments.

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