Does A Debt Consolidation Service Affect
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Disclaimer: While we have done our best trying to give you all
information you need in order to consolidate your debt the right way,
it is highly suggested you get seasoned advise coming from debt
consolidation and debt settlement specialists, this is the safest way
to get your finance back in order, plus in the shortest period of
Does A Debt Consolidation Service Affect Credit Score?
Are you currently dealing with the unfortunate situation of being buried under a
mountain of debt? If so, then you are surely annoyed – to put it mildly – with the
various monthly minimum payments that you need to make on the various credit
cards and other debts that you owe. Thankfully, there is an option available to you
and it comes in the form of debt consolidation.
Now, this does not refer to a traditional consolidation loan. It refers to a program
intended to deliver comprehensive help to those in dire need of financial
management and support. A solid debt consolidation company will also work with
your creditors to negotiate a more reasonable payment plan that will yield helpful
results. While this is all well and good, some may have concerns regarding whether
or not this can harm one’s credit rating. The answer to this concern will depend
upon the type of consolidation plan that is presented.
When modifications are made to the repayment terms that are less than desirable
to the credit card companies, your credit score may suffer a negative impact. For
example, if you need to have the monthly minimum payment cut in half, the
creditor might begrudgingly agree. This can lead to a “black mark” on a credit
rating as a result. However, the impact on a credit score would certainly not be as
negative as filing for personal bankruptcy.
If significant alterations to