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That one month of “missed” payments is usually a drop in the bucket compared to all the other payments that might have been late or missed while you were struggling.Of course, if you have really excellent credit, then a few missed payments in the first month of your debt management program CAN make a difference and lower your scores.After that, your payments are made on time according to the new schedule.As a result, most people see their scores improve because they have low credit scores starting out.Otherwise, you can have a real mess on your hands and can ruin your credit in the process. Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).Basically, this happens because there can be a gap between when a payment was supposed to be made on your previous payment schedule and the payments you’re making now.

Debt consolidation companies like National Debt Relief and Freedom Debt Relief offer to help you through the process for a fee (eating into your savings).

Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.

But the option we want to discuss here is paying off debt.

Fact: Even with an assisted debt management program through credit counseling, your credit score may improve.

Debt consolidation usually only hurts your credit score when you don’t do it right or don’t use the right solution – So how and when does that happen?

In some cases, debt consolidation can help your credit score. It can also depend on which option you use for consolidation, since there’s more than one way to consolidate your debt. When you consolidate debt, you have a payment plan that you’re supposed to follow.

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