Oct 13
What are the advantages and disadvantages of debt consolidation?
Posted on Tuesday, October 13, 2009 in Credit
jimmyaven asked:
I have two credit cards that I have used over 5 years ago and never paid back. The total of the two cards FIVE YEARS AGO was $1000. Of course, by now, it should be close to $3000 because of all the interests.
I have two credit cards that I have used over 5 years ago and never paid back. The total of the two cards FIVE YEARS AGO was $1000. Of course, by now, it should be close to $3000 because of all the interests.
What does debt consolidation do? More importantly, can it REALLY remove or reduce the interest that built up over the last 5 years?
When doing a search for debt consolidation services, I get THOUSANDS of results. Which debt consolidation services are better?
Detailed answers would be appreciated.
Update: Am I correct to assume that if I leave the debt as it is, I can have it completely wiped off my credit card two years from now as if it never happened?
Allison
Dec 10
Do you have to be behind in paying to qualify for debt consolidation?
Posted on Wednesday, December 10, 2008 in Credit
Sam asked:
Also, can a revolving line of credit (it’s also a atm card) be included in a debt consolidation? And can I choose to leave out a loan or specific credit card where I have 0%?
Vernon
Also, can a revolving line of credit (it’s also a atm card) be included in a debt consolidation? And can I choose to leave out a loan or specific credit card where I have 0%?
Vernon