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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?

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2 Responses to “What Are The Negative Remifications Of A Debt Consolidation Loan?”

  1. Marcus Says:

    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 herehttp://credit.ebookorama.comhttp://credit-cards.ebookorama.comhttp://credit-repair.ebookorama.com
    good luck!

  2. abiram Says:

    it will still show as a bankruptcy on your credit.

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