What is the effect of consolidating debt ?

Hi Astraea,

Welcome to the forums,

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if I consolidate my debt, will i still be able to take out loans for school?

Yes you can, as consolidating loans will have just a small effect on your credit report and score. Loans are given to you on the basis of credit score but school loans are totally different and creditors feel it is more secure as it doesn't have any SOL.

School or Student Loans can stay forever on your credit report thus you will be more eager to finish it off to have a cleaner report. Under debt consolidation programs you can always negotiate for your credit report and thus improving your credit score ultimately.

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also how would I go about all this? And how long does it take in effect?

You will have to signup and a counselor will contact you for free counseling. The complete procedure is explained at http://www.debtconsolidationcare.com/procedure.html .Generally it takes 3 to 5 years to clear all your debts through consolidating but it depends on the many factors like the total debt you have, the interest rates e.t.c.

Thanks
Vikas