How does debt consolidation hurt your credit?
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However, there are several methods that you can use to be able to determine whether it would be a good idea to consolidate your debt. Those who cannot possibly make their payments and who won't benefit really from debt consolidation may be better off by simply consulting an attorney for to file for bankruptcy. While those who could make their payments if their interest rate was reduced can opt to consolidate their debt into one low fixed-rate loan. This will also help those who are unable to keep track of all their monthly statements and who want to simplify things.
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Consolidation itself can make sense, especially if it allows you to get a lower interest rate. This is why some homeowners will get new mortgages in order to pay off credit cards and other high interest debt.
If you want to maintain a quality credit score, the other thing to be wary of is consolidation companies that pay credit cards on your behalf. You have no guarantee that the payments will go through on time, and if they don't, you'll pay the price.
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Debt consolidation can be a good move if you're using it to be sure you pay bills on time and it doesn't increase the total you owe. It sounds like your issue is record keeping, not lack of funds, so debt consolidation might be helpful for you, as long as it doesn't increase the amount you'll be paying back. This article has some useful advice about debt consolidation: http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P84151.asp
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M$1) Have an income that will allow you to make monthly payments
2) Have at least two separate unsecured debts that you need to pay off
3) Have debts totaling more than $2,500
... then debt consolidation can help you get out from under your debts. It isn't an instant cure, though. You will still have to work hard to make the program work.
Lean more about debt consolidation at this web site:
Source: http://www.debt-help-and-beyond.com/debt-consolidation.html
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