Does debt consolidation hurt mt credit?

If I use a debt consolidation compnay to lower my credit card debt does this adversly effect my credit rating?

Does debt consolidation hurt mt credit?

They will trash your credit.

What they do is not pay your creditors for months and then try and get them to settle for less. No special skills. No magic. They just don%26#039;t pay.

If that%26#039;s the route you have to take do it yourself and save the fees they charge.

Go to daveramsey.com and listen to his radio show. It doesn%26#039;t cost a dime to listen.

Does debt consolidation hurt mt credit?

Consolidation does not lower your debr. It simply moves it around.

DON%26#039;T do debt consolidation. It just moves your debt around. It rolls high interest items AND LOW interest items into the same loan at a mid-range interest rate. It might lower your monthly payments, but that means it will take even LONGER to get out of debt. It also frees up all your lines of credit so you can simply run them up again! Finally, you often have to pay a loan origination fee.

Call all of them and work out a payment plan and try to get your interest lowered or stopped.

Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.

You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don%26#039;t eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.

Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.

Go to the library and get %26quot;The Total Money Makeover%26quot;. Read it and follow it carefully.

Go check out Dave%26#039;s website as well. Yahoo is blocking his site again, so take out the spaces in the following:

www. Dave ramsey. com

Does debt consolidation hurt mt credit?

I have heard that debt consolidation loans are viewed by creditors badly like a bankruptcy. They see it as you can not pay your own bills. You can try to get a personal loan or a line of credit at your bank to consolidate since they don%26#039;t show up as a consolidation loan. Another option is by using this website http://www.prosper.com/join/CaliforniaSu... . It is a legit company that allows people to pool their money together to loan out money to others. The loans are all three year loans and you decide the interest rate. If enough people like your request then they will bid down your interest rate. It is worth a try since it is free to apply.

Does debt consolidation hurt mt credit?

I am no gonna say I am one hundred sure about it.Besides it really depends on the personal feelings.SO it would better for you to find yourself.Here is a good resource.http://debt-consolidation.featured-resou...