Will applying for (and receiving) a debt-consolidation loan damage my credit?
May.05, 2009 in
Debt Consolidation
I have numerous debts (car payments, student loans, a few credit cards, and a signifcant personal debt owed to a friend) that I’d like to roll into one monthly payment (which would hopefully be smaller than the amount I currently pay for each one as a separate monthly bill).
Some people have advised me to apply for a debt-consolidation loan. My question is, will doing so affect my credit negatively? Do they even include student loans in debt-consolidation?
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May 8th, 2009 at 11:08 am
A debt-consolidation loan is just a fancy word for a new loan at the same banks you borrowed from before. It doesn’t hurt your credit because the amount owed has not increased.
A debt-consolidation service tries to charge you $1,000 to get lenders to reduce your debts. You make one payment each month to the service and they pay everyone you owe. This is an area of business which is 99% scammers so you need to avoid them.
May 9th, 2009 at 6:27 am
Consolidating high interest debts into one lower interest account can be a good way to take charge of out of control debts. Just make sure that you watch out for a few common pitfalls that can damage your credit score along the way. Please visit at to find more details.