debt consolidation

adglahn · #1 (**permalink**) 08-22-2005, 07:22 PM

How does debt consolidation really affect your credit rating?

jmjj215 · #2 (**permalink**) 08-22-2005, 07:46 PM

Some 'debt management' companies, which consolidate your debt and 'negotiate' or settle your debts for less than you owe, really trash your credit. As far as getting a house loan is concerned, it's the same as filing for a bk.

terry1156 · #3 (**permalink**) 08-22-2005, 08:03 PM

Yes, it really depends on how you go about the consolidation on how it will effect your credit rating. If you go through a company, you need to find exactly what they are going to do because how they go about it will determine how your credit rating is affected.