How does consolidating credit debt effect a credit rating?

Question by MsNomer: How does consolidating credit debt effect a credit rating?
My credit rating is probably better than the average as I pay all my credit bills on time, but I'd like to consolidate all the debt for a lower interest rate, with an eye on paying it all off faster. Would it be better to pay off the balances individually than to consolidate? How will zero credit card balances effect my credit rating?

Any suggestions, and any recommended books, would be appreciated. Thank you!


Best answer:
Answer by babalooie21204I am familiar with consolidating credit debt. You are right, pay it all off faster at a lower interest rate. First, once you've paid off all the debt,

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