debt consolidation

Quote:

Originally Posted by Anonymous Does debt consolidation ruin your credit

DC and DS will affect your credit score in a negative way.

However it's not the end of the world.

You have to ask yourself; "Is it worth it?".

Read these great forums for the pros and cons of both methods.
And then make your best educated decision.

For my part, I took the atomic bomb approach.
Defaulted on all of them and went to battle.
It was about a 6 month journey.

And next month, it's the last payment to boa the snake.
Was it worth it to ruin my credit temporarily for freedom?
You bet it was!

And now I carry two debit cards and never, ever again get sucked into the credit card bondage trap.

Good luck and keep us posted regarding your decision.;

Quote:

Originally Posted by Anonymous Does debt consolidation ruin your credit

If you are going for Debt Management program then the effect on your credit score will be neutral were as if you go for Debt Settlement program then you are going to take a hit on your credit score. Now its you who have to decide what exactly you are looking for. Are you want to lower down your APR or you want to cut down the whole debt amount?

In DEBT Management only the APR will be reduced where as in Debt settlement your total debt amount will reduced down including the Principal amount.