do credit counseling services really get you out of credit card debt,and how do they affect your credit rating
Friday, October 2nd, 2009 at
4:48 am
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Tagged with: credit card debt • Credit Counseling Services • Credit Debt • credit rating
Filed under: Finance
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It depends on how bad you are now.
Consolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.
A credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.
However, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That’s why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.