Sub: #1 Debt consolidation
Replied on 07-15-2008, 02:39 AM
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Does one have to close all credit card accounts when going through a debt consolidation loan.

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Sub: #2
Replied on 07-15-2008, 04:26 AM
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It is suggested to close all cards, that way you won't be tempted. You might be able to keep one open for emergencies.

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Sub: #3
Replied on 07-15-2008, 07:14 AM
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I agree with lawn. Close them or you will be tempted to use them and you will only dig a deeper hole.

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Sub: #4
Replied on 07-15-2008, 07:30 AM
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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.

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Sub: #5
Replied on 07-15-2008, 07:38 AM
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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?

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Sub: #6
Replied on 07-15-2008, 10:58 AM
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Freeze them in a huge block of ice and put the at the back or bottom of freezer.



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Sub: #7
Replied on 07-15-2008, 11:50 AM
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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?

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Sub: #8 closing credit cards
Replied on 08-10-2009, 05:53 PM
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I was told if I closed my credit card accounts this would effect my credit score. If I go through a debt management company, they close the cards, will that effect my credit score also? Help no one can give me an answer




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