What really happens to your credit if you do debt consolidation?
wanetta benoit asked:
I have $17,000 in debt and I have heard about debt consolidation. Does this negatively affect your credit rating? Do you get to choose how much you pay monthly or is there a set amount they make you pay? I live in New York, if that matters.
I have $17,000 in debt and I have heard about debt consolidation. Does this negatively affect your credit rating? Do you get to choose how much you pay monthly or is there a set amount they make you pay? I live in New York, if that matters.
June 29th, 2011 at 7:40 am
Well I did a debt consolidation, I set it up about four or five years ago I think and had around 12,000 in debt. I have less than $600 to pay off now! It wasnt’ a loan it was a place that talked to my creditors for me and set up an aggreement with a reduced interest rate and removed some of my late fees. What you pay depends on your financial situation, they asked me about my bills, rent, income, etc… and we figured out an amount that I could afford every month. If there were months that I did not have enough money they were good about breaking up the payment into two different dates and they let me pick the dates that I paid. The best thing about it was that they made a budget for me, checked my credit rating and figured out exactly what I did owe, and as long as they got their money every month they made sure my bills were paid on time, which was really where my problem was stemming from b/c I just had so many different bills it was overwhelming. They took a percentage as a fee every month, but it was worth it. I have heard that there are companies out there that work non-profit, but I did not know this when I signed up and I am almost done now, so I am not going to switch. My credit has only gotten better since I have done this, however I could not take out any more credit cards While I was on their program. I was approved for my appartment though. I live in Michigan and went through Greenpath, I have no idea if they have offices in NY. I will say that I feel so good about myself that I have done this instead of declaring bankruptcy. I ran up those bills, I should pay them. Good luck to you I hope this helped.
June 30th, 2011 at 7:01 pm
You have two very popular programs out there. The first program is Debt Settlement and the second program is Debt Consolidation. Debt Settlement is designed for people that are behind on their payments or if they see themselves falling behind shortly. Usually, with that program your payments could be cut by up to half of what it is now. Debt Consolidation is different, that is designed for people that can afford their payments and just want a lower interest rate. I would look into this company . They offer both options for you.
July 2nd, 2011 at 3:51 am
If you want
* over 50% of your debt negotiated away
* become debt free as soon as possible
* Avoid bankruptcy
* reduce your total debt balanced
* one affordable monthly combined payment
* home ownership not required
* free quote with no obligation
Check this site,
Here you can get free quote from all debt specialists that available in your area. It’s free and fast