Is debt consolidation a good choice for me?
Date: Sat, 04/17/2010 - 09:16
I have $20K in credit card debt between two cards. I am not now, nor have I ever been behind on the payments so my credit rating is still very good. However, I pretty much pay the minimum amount due on both cards each month and am getting no where. I'd really like to be out from underneath that debt because I have other debts I'm also paying (IRS and a personal loan from my father).
Is the only time to do debt consolidation or settlement when you have become behind on payments or is there a reason to do it before that happens? My fear is that it's just a matter of time since this has been my situation for a couple of years now.
Any suggestions?
Is the only time to do debt consolidation or settlement when you have become behind on payments or is there a reason to do it before that happens? My fear is that it's just a matter of time since this has been my situation for a couple of years now.
Any suggestions?
You can do debt consolidation when you're current on your accoun
You can do debt consolidation when you're current on your accounts. Debt settlement, however, would demand you to get behind your payments since settlement would help you in lowering the total amount of debt you owe.
When your score is still good, you may get a consolidation loan to payoff your existing debts, or else, you can also hire a consolidation company to help you lower the rates on your accounts. Consolidation wouldn't hurt your score.
You can search on the site to read more about both consolidation and settlement before deciding on the right course of action for you.
