I'm hoping to join the Marine Corps by the end of

I'm hoping to join the Marine Corps by the end of the year and would like to get my finances under control. My husband has a decent amount of debt on his own, and I have about 6,000 dollars worth of debt myself. Would debt consolidation be beneficial to me to pay off my own debt? Also would debt consolidation hurt or help my credit in the end? I'm unsure whether debt consolidation is like bankruptcy.

2 Answers

Debt consolidation is not at all like bankruptcy. In bankruptcy, you pay off debts under the court supervision. Bankruptcy drops your score by 200-250. In case of debt consolidation, you pay off debts through a consolidation program.  

You can definitely check out the option of debt consolidation in order to get rid of your debts. It will help you in getting rid of it. Debt consolidation is not like bankruptcy. It won't have drastic affects on your credit report unlike bankruptcy. Initially, debt consolidation may affect your credit report but with time, as you pay off your debts, your credit score will improve.

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