If you use one of those debt consolidation ... - Finance Talking Hub

You know where you call and they stick all your debt all together and then lower your interest rate so you can pay it off faster. Does that stay on your credit report, like filing bankruptcy?

I don't think so, but I would suggest that you don't use one of them anyway. those things are a big scam. They will consolidate your payments into one bill, but then they add their own interest and it's ridiculous. If you have credit card debt, deal with your creditors on your own first. They just want to get paid and will be willing to negotiate with you. good luck.

I agree totally with you. Borderline entrapment if you ask me. for what it is worth this might help. there is a free download software look at my profile for the url finance. The software gives you a perspective of where you are with your debts and gives a strategy on how to clear them. Its shareware software that I used with some success. It just might help you.

Many of these services require you to cancel your card accounts. this will lower your score, because your score is calculated with AVAILABLE CREDIT. If you cancel your cards and you have a low credit score, you will not be able to get credit at all. best bet is to find a way to get yourself current and get your ratio of balance to limit to 49% or below.

Do not do consumer credit counseling if you are planning on buying a home anytime soon. most lenders and banks view it as a bankruptcy because to them it shows you that you cannot handle your debt.

I have included two articles in my resource box that might be helpful for your situation. good luck!

ive actually done this about 1 year ago, it has saved me alot of worry and money. also it works toward your credit to make it better as long as you keep up with the payments. ive got another couple of years to pay it off but it is helping me with those nasty phone calls and mail. i totally agree to checking it out but make sure you read ALL the fine print. good luck they will work with you, i went to citifinancial

If you stick all your debts together and get a lower interest rate, its not going to allow you to pay your debt off faster. You're going to pay interest for as long as you pay the payments.

Source: http://www.financetalkinghub.com/if-you-use-one-of-those-debt-consolidation-programs-does-it-affect-your-credit-score.html

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