Does A Debt Consolidation Service Hurt
Credit In Any Way?
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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 Hurt Credit In Any Way?
Debt consolidation services make arrangements with your creditors, such as credit
card companies, lines of credit, medical bills and department stores, in order to
help pay your debt off faster and with less interest. These agencies can also help
eliminate late and over limit fees.
By making just one monthly payment to the service, keeping track of your monthly
payments is a lot easier. Your bills are paid for you so there is no chance of missing
a monthly payment. Timely payments made through an agency reflect positively
on your credit report, while constant late payments made when you were paying
the credit card companies directly affect your report negatively.
The agency will help you get current on your bills which is very important to your
credit report. Some companies will reduce the interest rates and waive any over
limit fees, thus enabling the balances to drop so you can pay the amounts owed off
faster, another positive thing for your credit report.
If you were to continue to try to handle your indebtness on your own, and continue
to make the minimum payments each month, your balances would drop very
slowly. Your credit report reflects if you are at or close to your credit limit. Using
an agency will help these balances decrease faster, and you can pay your debt off
within five years as opposed to twenty years or more.
While there might be note on yo