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Fewer accounts can save you money The less you pay, the more money you get to keep. And combining accounts is one way to potentially bring down the cost of investing. For example, maybe an old 401(k) account is charging you a maintenance fee that would go away if you combined it with your current employer plan account.

Do debt consolidation loans hurt your credit? You might see a small dip in your credit score after you take out the loan because your lender will run a hard credit check. Luckily, this usually only lowers your credit score by five points or less, and after a year it won't affect your credit score at all.

Debt consolidation loans can hurt your credit, but it's only temporary. The lender will perform a credit check when you apply for a debt consolidation loan. This will result in a hard inquiry, which could lower your credit score by 10 points. Hard inquiries will only affect your credit score for one year.

Best Way to Consolidate Debt: Ask for Help from Family/Friends: Taking a Personal Loan to Cover the Debt: Take a Home Equity Loan. Balance Transfer Credit Card. Cash Out Auto Refinance. Retirement Account Loans. Using a Debt Management Plan with a Certified Credit Counseling Agency.

Consolidating your investments gives your financial advisor greater insight into your full financial picture. This can help your advisor offer a strategy designed to get all of your assets working together toward your goals.

Example of Consolidation Facebook eventually surpassed MySpace in popularity. As the industry matured, Facebook worked to consolidate its market share by buying other social media companies that had appeared in recent years. One of the most significant deals was when Facebook bought Instagram in 2012 for $1 billion.

If you take out a debt consolidation loan, it will stay on your credit report for as long as the loan is open. If you make payments on your loan and keep it in good standing, this can be a good thing.