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Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » what does credit card consolidation do to your credit?

what does credit card consolidation do to your credit?

I see these ads where they can reduce your debt and payments by up to 60%.

what would this do to your credit rating? is it for real? How does it work?

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5 Responses to "what does credit card consolidation do to your credit?"

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  3. Don says:
    There are tons of scams out there that will take a fee and then not be able to reduce your amount owed at all. This tactic is a last resort thing that you don’t want to do unless the only thing left is to default on the loan or go bankrupt. It will effect your credit rating but probably not as bad as a default or bankruptcy. Good Luck.
  4. timothy p says:
    Most of these companies pressure your creditors into settling for less money by stopping payment. The amount they “reduce” your debt is usually the late fees and penalties(that they caused by not paying your bills). It will ruin your credit rating and you could potentially wind up in court if the creditors choose to sue.

    Most of these are scams that make a living off of you being in debt. Look for a not for profit company that has no incentive to keep you in debt. You could also try to negotiate a settlement yourself. If you must go this route then research the company very carefully. If they have tons of money to spend on advertising they had to get it from somewhere. Given their business, it is likely a profit they made off of people in your situation.

    If you can’t afford to pay your bills in full then your credit rating should be bad. Would you loan money to someone who couldn’t pay the bill they currently have? Would you be happy if you made a loan and they wanted 60% off of the payback?

    Be very careful in dealing with these companies, do your homework on the companies, do some research on settling your debts on your own, read the fair debt collection practices act…

  5. Jay P says:
    They are basically scams. Think about it. Their entire business model relies on lending money to people who are very high risk. They have huge interest and big fees. And you don’t get any closer to paying off your debt. You just replace one debt with another. Stay away.

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