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Just be sure you’ve considered all the Nerds’ points before moving forward with consolidation.

For many people battling debt like credit card bills, medical bills, and student loans, debt consolidation is an effective way to reduce monthly payments, lower interest costs and ultimately get debt-free faster.

Nerd note: Remember that any time you obtain new credit your credit score will lose a few points temporarily.

It heavily influences a whopping 30% of your credit score, and if you have several maxed-out cards, yours is probably sky-high.

In a perfect world, you shouldn’t be using more than 30% of your available credit on point in time.

All this is to say that consolidating with a 0% APR card might help your credit score somewhat, but you’ll probably see bigger gains by opting for a personal loan.

There are multiple options for debt consolidation (more on this in a bit), but if you stick to a well-thought-out payoff plan, a new lower-interest loan is a viable way to pay off high-interest balances in one shot.

For example, one common question about the tactic is, “Does debt consolidation hurt your credit score?

Search for does consolidating accounts hurt fico score:

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In other words, research your options in advance to avoid potential credit damage from applying for multiple debt consolidation loans, or ask for loan quotes based on soft credit pulls, as opposed to hard inquiries.

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