Internet's first get-out-of-debt community - 134,000 members

Posted: Tue Jul 15, 2008 2:39 am Subject: Debt consolidation

Does one have to close all credit card accounts when going through a debt consolidation loan.

Posted: Tue Jul 15, 2008 4:26 am Subject:

It is suggested to close all cards, that way you won't be tempted. You might be able to keep one open for emergencies.

Posted: Tue Jul 15, 2008 7:14 am Subject:

I agree with lawn. Close them or you will be tempted to use them and you will only dig a deeper hole.

Posted: Tue Jul 15, 2008 7:30 am Subject:

You can ask you banker to lock them up for you outside of your home so you will not be tempted. Closing the accounts could cause credit scores to drop.

Posted: Tue Jul 15, 2008 7:38 am Subject:

That's true Cajun...I didn't even think of that.

Would they lock it up no charge or would you have to get a safety deposit box or does it vary by bank?

Posted: Tue Jul 15, 2008 10:58 am Subject:

Freeze them in a huge block of ice and put the at the back or bottom of freezer.

Posted: Tue Jul 15, 2008 11:50 am Subject:

You say "debt consolidation loan", but you use the words "going through." Are you actually getting a loan to consolidate your debt and pay off your credit cards? Or are you going through a debt management plan?

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 134,000 members

Debt consolidation

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post