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#1
09-21-2009, 01:33 AM
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In over my head again
If I've gone through debt consolidation before and this is primarily for some high interest lines of credit (dept. stores, etc.) do all of these accounts need to be closed & how might this negatively effect my credit rating?
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#2
09-28-2009, 01:19 AM
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No they do not all have to be closed. You get to pick and choose which accounts typically but your total debt needs to be above $3000-5000 usually for a debt management plan. what are the card issuers? Discover for example doesn't do a great rate drop at all..its somewhere around 18% or higher.
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http://www.ftc.gov/os/statutes/fcrajump.shtm Know Your Rights-Read the FCRA here: http://www.ftc.gov/bcp/edu/pubs/cons...edit/cre27.pdf
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