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 Posted: Tue May 20, 2008 5:51 am Subject: Credit Card Debt |
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My finance and I are having a little trouble with our credit cards and getting back on track. We are paying over $300.00 a month but the bills never seem to go down. I was wondering how debt consolidation works. Does it go on your credit report for bad credit for 7 years? If someone could please let me know and also, let me know a little more about your company & how it works, I would appreciate it.
Thank you,
Corissa Deveney
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Deveneyc
Joined: 20 May 2008
Posts: 1
Debtcc Points: 14
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| Posted: Tue May 20, 2008 6:03 am Subject: |
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If you call the 800 # on the right of the screen, you are entitled to a free no obligation consultation. I am sure they will be able to answer all of your questions.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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| Posted: Wed May 21, 2008 3:30 am Subject: |
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Dear Deveneyc,
| Quote: | | I was wondering how debt consolidation works. |
Debt Consolidation is a process through which the debt consolidating firm will move all your accumulated debts on multiple accounts to a single one. Thus, you don’t have to maintain a diary to remember that on which date you have to pay interest rate of which debt. In addition, your interest rate along with accumulated penalties will also get decreased. Consequently, you have to make lesser monthly payment.
You can also go through http://www.debtconsolidationcare.com/benefits.html for a clearer idea on benefits of Debt Consolidation.
| Quote: | | Does it go on your credit report for bad credit for 7 years? |
From your query it seems to me that you want to know whether your bad credit will remain in your credit report even after Debt Consolidation.
If that is your question then let me tell you that Debt Consolidation will in fact help you to improve your Credit report. After you register yourself with a debt consolidation company and start paying up your decreased monthly payment regularly, your Debt-to-Income ratio starts decreasing and consequently your Credit Report will start improving.
| Quote: | | We are paying over $300.00 a month but the bills never seem to go down. |
I think that you are facing problem in managing your expenses along with debt. You can always sign up in https://www.debtconsolidationcare.com/signup/ for a Free credit counseling so that you can manage your debt in a better manner.
Regards,
Phoenix
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phoenix
Joined: 14 May 2008
Posts: 561
Debtcc Points: 4009
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