i want tο consolidate mу debt bυt аm concerned wіth hοw negatively іtѕ affects аrе οn mу credit. саn i pay οn a consolidated debt аt a significantly lower interest rate thаn now(im averaging +20%!)? іf ѕο, wіll thаt outweigh thе side-effects?
Tags: consolidation, Debt, Loan, negative, remifications
it will still show as a bankruptcy on your credit.
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!