It most likely has a time line. Some people see all their credit card bills, electric, water, phone, cable, cell, lease payments, and mortgage all together and freak.
I know a few "friends" that I sort of talk too. I see them now and then.
One said that he sat down and looked at what he was making, when computers were the thing a few years back, and looked at what he was spending. In 3 months he cleared more than I made before taxes. He spent it all, ran cards way up and everything.
He went for consolodation, but did not try and make some important points in my mind.
He still had cable, ate out a lot, expensive cars, expensive well furnished house, the sorts of things I consider luxuries.
He did not try and pay things off by budgeting, he hid behind the consolodation.
Some of these other people I know have had some problems, but they have cut off luxuries, sold what they could and sacrificed to make payments for what they owe.
The first guy mentioned, really did not sacrifice diddly.
I am not an expert and have no real experience with this other than talking to people about it.
The one guy is so proud of what he accomplished. Over extended himself and passed it to others.
So the entire story may help, I do not know what shows up on credit reports. But I do know a lot of people refinanced and still kept big screen tvs and surround sound systems while I just have a 19 inch tv paid for.
When you do bankruptcy I think everything gets logged, this consolidation is a grey area for people who like to fudge numbers.