Note that doing this will have a temporary negative effect on your credit score as we explained in the review above. (valuepenguin.com)
However, paying off your revolving debt (aka credit card balances) and moving that debt into an installment loan may have a very positive effect on your credit scores. (debtconsolidation.com)
From a consumer standpoint, a charge off has an extremely adverse effect on their credit score once reported. (creditcardeducation.com)