Credit rating
Date: Tue, 01/18/2011 - 02:33
I am on time with payments but have large debt, will debt consolidation and lowering the amount I own hurt my rating?
Hi! Welcome to the forums! Yes, debt consolidation helps to lowe
Hi!
Welcome to the forums!
Yes, debt consolidation helps to lower consumers' monthly payments. Debt consolidation helps to merge all your outstanding debts into one single loan. The interest rates on these loans are less than that of the credit cards. However, if you take out a debt consolidation loan with high interest rate, then your monthly payments will not be reduced. Debt consolidation usually don't hurt credit score.
If you have a high debt to income ratio, it may be difficult for
If you have a high debt to income ratio, it may be difficult for you to obtain a loan sufficient for your needs.
