does consolidating credit card debt hurt your credit rating?
my daughter wants to know if consolidating credit card debt will have a negative impact on her credit rating
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if she has been making timely payments and continues to do so, it should not have a negative impact. This site has great info
It shouldn’t. In fact, it may help because payments will be received on time. Check out http://www.clarkhoward.com.
Yes. But it’s better than having a huge debt to income ratio. My cousin is doing this now, and he is almost debt free. Lenders will see that she got in over her head, but was responsible enough to take action instead of letting the accounts charge off! she will be able to get another credit card once these are paid off, but BEWARE!!!!! Some companies make the problem worse! Be sure to use companies that the credit card companies refer you to. They deal with this all the time, and will be happy to help. Good luck!
Not necessarily. Taking action to avoid defaulting on credit cards can be a positive indication that your daughter is getting to grips with her finances.
BUT – and you must be sure to make her understand this – there is no point in protecting your precious credit rating if all you want to do is to keep on using more credit cards. Debt consolidation is a last resort. It is supposed to be a way to reduce and eventually eliminate your debt. If you just keep on spending on credit cards your debt will go up, not down, and the next step is bankruptcy.
Talk to her. Good luck!
if you’re going to reference such a noteable band in your nic then you should have already long ago learned the answer to this and all other "daughter" questions. Come on, brother, why does your daughter have credit cards in the first place? Well, never mind. Help her pay them off, teach her and learn with her about the mistakes of taking credit for granted and then go listen to that band with your daughter and forget about charging things.
Hey, I think the following articles should clear all your doubts.
Debt Consolidation – Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581
Online Debt Management Programs
http://www.askaquery.com/Answers/qn1580.html
There is some useful advice here.