Debt consolidation also has an impact on your credit score. Because the credit card companies often have agreements in place with card companies to reduce the interest rates on your accounts, they will not report it to the credit bureaus until it has been over 10 years since you first opened an account. However, if you are consolidating your credit card debt, then your credit rating will still be monitored every month. This makes it more likely that you will be approved for another card or a new home.
Mortgage Debt Consolidation Loan
If you have an individual loan that is unsecured and consolidation is one of your options, then you will have to use a professional debt relief company to work with your lender. You will need to convince them that you can repay them on your own and that your income will cover your payment each month. Because of this, they will usually allow you to pay back the money with a pay off a loan or a second mortgage.
Debt consolidation does require that you be careful to only use debt relief companies that are experienced and qualified to help you. There are reputable companies out there, but some of them will be con artists looking to take advantage of people who really need their help. In addition, there are some shady ones as well.
Resource – https://www.federatedfinancial.com
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