Question by BronzeOceans: Will applying for (and receiving) a debt-consolidation loan damage my credit?
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?
Best answer:
Answer by Ed Atun
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 ,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.
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Filling a hole: commercial mortgage banking has witnessed a frenzy of consolidation and acquisition activity over the past few years. Some big players … LLC): An article from: Mortgage Banking
This digital document is an article from Mortgage Banking, published by Thomson Gale on July 1, 2007. The length of the article is 3196 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Filling a hole: commercial mortgage banking has witnessed a frenzy of consolidation and acquisition activity over the past few years. Some big players are still looking to plug holes in product offerings or geographic reach. Then there is the matter of exit strategies for aging boomer owners.(Cover Report: Commercial/Multifamily)(Baird & Warner Real Estate Capital LLC)
Author: Steve Bergsman
Publication: Mortgage Banking (Magazine/Journal)
Date: July 1, 2007
Publisher: Thomson Gale
Volume: 67 Issue: 10 Page: 28(5)
Distributed by Thomson Gale
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List Price: $ 9.95
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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 http://www.instantdebteliminator.com to find more details.