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| *Loan,banking and credit>>>consolidation loan |
What are the negative remifications of a debt consolidation loan? |
i want to consolidate my debt but am concerned with how negatively its affects are on my credit. can i pay on a consolidated debt at a significantly lower interest rate than now(im averaging +20%!)? if so, will that outweigh the side-effects? 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. More here: http://finance.ebookorama.com also plenty more to read here http://credit.ebookorama.com http://credit-cards.ebookorama.com... http://credit-repair.ebookorama.com... good luck! it will still show as a bankruptcy on your credit. |
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