Question about debt consolidation
I am 25, a teacher and a grad student, and have succeeded in racking up some huge debts. I have nearly 13,000 in credit cards (mostly from tuition, car expenses, and car insurance bills), a 17,000 loan for my car, plus all my education loans. I've only rarely had a late payment, have never defaulted or had any negative "dings" on my credit report (I think my credit score is a 680), and only just recently fear that my debts are too huge for me to swallow. I need to move in a few months, and am scared to death of what will happen if I'm unable to pay my bills on time. I am considering debt consolidation. What are the negative effects on my credit report? How will this affect me in future? Remember, I'm not in default, alwyas pay on time, and am in excellent standing with all my creditors. But I fear the worst is on its way if i don't act quickly. Any input sure would be appreciated!!
you are not alone
Hi Opalicing,
one thing for sure that you are not alone in this, i also went through a similar phase in my life few years back and now I have repaid back all my debts, all through a debt consolidation plan, you can also register at this site for a free consultation on phone.
I am sure that you will also be able to repay your loans and become debt free soon.
Remember, Tough times dont last tough people do.
regards,
vk
Let me add few more words here. debt consolidation is helpful in
Let me add few more words here. debt consolidation is helpful indeed to build up a good credit. It does not hurt your score anyway. Debt consolidation ensures an easy and smooth repayment process. You have been punctual with your payments so far. You have an above average credit score. So don't let it down, take the right decision at the right time.
I understand how difficult it is to pay your credit card dues with increased minimum payments. That is the reason more and more people have turned towards debt consolidation program. The counselor working in the program first analyzes your financial status and then suggests a payment plan that better fits your budget.
Your credit report might show that accounts are under consolidation process. However once all are paid in full, your report will be updated in your favor and you will achieve a good score. Visit this page to know the benefits of debt consolidation in details-
http://www.debtconsolidationcare.com/benefits.html
This site offers free credit and debt counseling. You can fill out the sign up form to avail the service.
