Credit Card Debt

Dear Deveneyc,

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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.

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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.

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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