Debt Managment
Date: Thu, 04/15/2010 - 06:42
I am currently in a DMP but I recently discovered that this will have a negative effect on my credit rating at the end. How do I switch to a Debt Consolidation program and will this make a difference in my ultimate goal -a decent credit rating. My husbands credit is perfect and I am so afraid that my rating will affect us.
Any kind of debt relief program will have a negative affect on y
Any kind of debt relief program will have a negative affect on your credit rating until your debts have been paid off. Switching to a debt consolidation program means you will be taking out a loan to pay off the debts you consolidate, then paying back the loan to whoever you consolidate with in addition to interest. The only thing that will make a difference to your goal is to pay off your debts, however you do it. Your credit rating whatever it is will only affect your husband if you apply for a loan or credit together. If your husband applies for the loan or credit on his own, only his credit score will be considered.
