Status of Credit card in the consolidation program

Hi MaM

Welcome to the forums. You will be able to use your credit card accounts after the completion of the debt consolidation program.

Once you are enrolled in this program, your accounts will be frozen to prevent further use. This is done with a neat intention so that you don't build additional debt in the accounts. Otherwise, it will seem like chasing a moving target.

Regards
Mike

I've been chasing a moving target for years now. Actually a growing target b/c my credit lines were (conveniently) increased along the way. I should have been out of the red by now but, am I'm sure it's been said before, "Things always seem to come up."

Best Regards,

MaM

Is your credit score adversely affected by doing a program like this? I know having a high debt ratio isn't exactly a good thing to have, but does this reflect negatively when trying to get an apartment and/or car loan and they see 'debt consolidation' and frozen accounts on your credit report?

Thanks again,

MaM

debt consolidation program will not hurt your credit ratings. This program eases your monthly payments with your creditors and thus you are able to acquire your credit worthiness.

One important part of the debt consolidation program is that you need to be regular in your monthly payments. Missing a particular payment in the debt consolidation program might be hurtful. As long as you are current in your payments in this program, your credit will be viewed more favorably than before.

The benefit of debt consolidation program is that it combines all the multiple bills into one loan amount and is offered at a lower rate of interest. Thus, you can make your payments without haste.

After all your payments are complete with your creditors, they will report to the bureaus and your accounts will be shown as "Paid in Full" or "Paid as Agreed". This will enhance your credit ratings and you will be able to acquire your credit worthiness in the future.