Is Debt Consolidation Expensive?
Date: Wed, 07/29/2009 - 00:18
A little Debt Management Fee is further to your monthly payment. With our Debt Management Fee integrated, your journal requirement is frequently not as much of than what you are at this time paying.
Please reply along with brief note about my question.
Debt consolidation is not expensive. This is because under debt
Debt consolidation is not expensive. This is because under debt consolidation, your interest rates gets reduced and you make a single payment towards all your debts. Although you need to pay a fixed monthly fees to the debt consolidation company, it does not matter much if your debt is very high. Moreover, in debt consolidation, your credit score also does not get affected.
Quote: Moreover, in debt consolidation, your credit score also d
Quote:
Moreover, in debt consolidation, your credit score also does not get affected. |
What planet do you live on?? Debt consoldidation will tank your scores because you are not paying as agreed. Debt consolidation will vary in cost and can be quite expensive depending on who is actually doing the plan and how well they are able to lower your interest rates.
I worked in a bank and was a manger of the mortgage department f
I worked in a bank and was a manger of the mortgage department for 10 years. People who applied for a mortgage that had enrolled in a debt consolidation program were usually denied. Creditors consider this third party intervention and are reluctant to make loans to people who could not handle their own finances. So, debt consolidation and debt settlement does effect your credit. With debt consolidation your principal balance does not get reduced but your interest rate does. With debt settlement your principal balance does get reduced by as much as 60%. I believe in always giving all the facts to people so that they can make an informed decision.