The fact is though, having high debt balances also negatively affects credit. (goldenfs.org)
The problem is this can create a cycle of debt that leads to high debt balances that take years to repay and can harm your credit. (hoyes.com)
** Pro tip: Since student loans are usually a high debt balance for people and a student loan consolidation can lower monthly student loan payments, a loan consolidation can be a great tactic to utilize when debt snowballing. (financialwellness.org)