Re: debt consolidation / bill consolidation

Posted by Linda on August 29, 2001 at 18:50:47:

In Reply to: debt consolidation / bill consolidation posted by penny on August 29, 2001 at 15:16:59:

Yes, and they will trash your credit. All your accounts will show as "charged off", usually your payments are recorded as late even though the card company has agreed to work with you. And it stays on your credit report longer than a bankruptcy does because of the time it takes to pay off the debts.

If you want to pay them off, call your credit card companies, explain why you are having difficulty, and ask if they have a "hardship" program. Most good companies do, and they will work with you without trashing your credit. You may still have some derogatory information on your reports, but you will be much better off. Credit counseling is worse than bankruptcy, takes longer, and costs you more. The system is defective!

Linda

Linda

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