Will debt consolidation hurt my credit in any way? If not where should i go for both Car and Credit Card loan?
Question:
Answer:
it might hurt your credit if they report it to the credit bureaus.
try looking at http://www.debtsmart.com for more info on this topic. I always find great stuff there about credit cards.
yes. financial institutions will assume that bankruptcy will soon follow. It might help pay for things you already have, but it will make it harder for you to purchase any thing else for a while.
There is some useful advice here.
Debt consolidation companies like CCCS (Consumer Credit Counseling Service) will notify the credit bureaus that you are using their services and it will show up on your credit reports as a black mark. As far as debt consolidation goes, they are decent, but you should avoid using any kind of consolidation if you can - most of what they do for a fee, you can do for yourself with a little time on the phone and diligence.
But I have to mention, if you are really considering debt consolidation, then you have a debt problem. Period. You should NOT be thinking of getting ANY additional debt. You are spending beyond your means and it takes much longer to dig yourself out of that hole than it takes to get into it. Do NOT go into any more debt.
Yes, it will show, but if you make payments on time after consolidating, you will be improving your credit score too. The following articles might provide you some insight:
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/answers/qn1643.
How to Hire a Debt Counselor?
http://www.askaquery.com/answers/qn1584.
What is Debt Relief?
http://www.askaquery.com/answers/qn1583.
Debt Management and Building Wealth
http://www.askaquery.com/answers/qn1581...
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