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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.

In 2017, the three major credit bureaus added a policy that gives consumers a 180-day grace period to resolve outstanding medical debt before it appears as past due on their credit reports.

It is used as a method of reducing or eliminating debt.

Debt consolidation has the potential to hurt your credit score in several ways, depending on which method you use.

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.

For people using a debt management plan for consolidation, it is important to fully understand your agreement with your credit counselor.