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 Posted: Wed May 11, 2005 7:42 pm Subject: consolidation, should I, or shouldn't I. |
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I have about $12,000 in debt that has accumulated from credit cards and student loans. Right now I am only able to pay the minimum payments. I would like to consolidate but I heard that it is really bad for your credit. As of right now I have a credit score of 640 and would not like it to drop much lower. If any one knows the pro's and cons of consolidating please wright me back. 
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kpianka
Joined: 11 May 2005
Posts: 1
Debtcc Points: 103
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| Posted: Wed May 11, 2005 10:14 pm Subject: RE: |
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Hi kpianka,
Welcome to the debt consolidation care forum.
| Quote: | | I have about $12,000 in debt that has accumulated from credit cards and student loans. |
Both credit card loans and student loans that you have mentioned fall under the category of unsecured loans.Debt consolidation deals with unsecured loans. Today debt consolidation is the most popular ways to clear your debt burdens.
| Quote: | | I would like to consolidate but I heard that it is really bad for your credit. |
View the following links carefully and get a complete answer to your query.
http://www.debtconsolidationcare.com/forums/about534.html
http://www.debtconsolidationcare.com/benefits.html
For further queries please free to come to us. We are here to help you.
Cheers,
Jason
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Jason
Customer Care Dept
Joined: 28 Oct 2004
Posts: 650
Debtcc Points: 4045
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| Posted: Thu May 12, 2005 11:09 am Subject: |
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Hi kpianka
Consolidating your debts will give you the benefit of simplifying your finances by combining different bills into one single and easy manageable repayment instead of numerous payments.
Moreover, you will get a reduction of the average interest rate on the total amount.
And the most important thing that you wanted to know is that if you choose debt consolidation, it will improve your credit rating because in this case, you only have one single payment to make in each month. It reduces the risk of making multiple payments which sometimes get late even.
I believe that you are convinced with the benefits of debt consolidation and have set your mind to use this program.
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50413
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| Posted: Thu May 12, 2005 5:34 pm Subject: |
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Hi kpianka
good advise form both posters above..
Welcome to the DCC forums.
Jerry
_________________
NOTE: Not all will agree with me, nor am I a Lawyer offering adivce, just offering my Opinion.
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jtucker
Moderator
Joined: 01 Mar 2005
Posts: 121
Debtcc Points: 7276
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