Reader question on consolidating and credit scores


Will consolidating affect my credit score?

A reader question:

A question about debt consolidation. I want to consolidate my debts as I know that it would help me to lower the monthly payments and interest.

Recently, I read that it would affect one's credit score. Does anyone know more about this? I have a good credit score and never failed to make any payments till now. Right now I feel its very hard to make my repayments on time. That's why I am thinking of consolidating into one single payment which is much less than the sum of the existing payments - but, not if it would affect my credit score!

My response: