Consolidating your various debts in a single low-interest loan can save you considerably on interest payments alone, and may even help you discharge your debts in an expeditious manner. Depending upon the individual amounts, and the types of your debts, you may be able to potentially save a significant amount if you were to consider debt consolidation.

Debt consolidation means paying off your current debts against one single consolidated loan. This allows you to make one single monthly payment that you can reasonably afford to make. Depending upon the total amount of your debt, and the amount that you are able to pay off every month, it is not that difficult to calculate the length of time it is going to take you to pay off your new consolidated loan.

Here is a simple way to get started with the process of debt consolidation:

Your credit score is a number, usually between 300 and 850, calculated based on your credit report. Your credit score is used by creditors to determine your credit worthiness, the amount of credit they would qualify you for, and the interest rate. The higher your credit score, the better is your credit rating. One common score that most lenders use is the FICO score. For a fee, you can get your FICO score at www.myfico.com.

• Who Uses Credit Scores: Credit scores are used by money lenders, banks, credit card companies, mortgage companies, creditors, landlords, insurance companies, utility companies, and many employers to evaluate your credit worthiness.
  
• How Often Can My Credit Score Change? Credit score is computed based on the data supplied by information providers such as creditors, merchants, banks, credit card companies, landlords, etc. As a result, your credit scores can change from day to day.