Alexys Nelda asked:


I have $7,000 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 Canada, if that matters.

DiCe asked:

I have a debt to telus and they fowarded it to a collection agency. I can’t pay the whole amount in full because it’s pretty big and im stil a student and the agency won’t accept payments(installments). The agecy said that if i don’t pay, it willgo to my record and stay there for 7 years. My question is, doesn’t having your debt frwarded to a collection agency automatically results to abad record? Because if it does, what’s the use of paying the debt? You ALREADY have a bad credit anyways.
Just to clear things out, I’m in Canada.