Many people believe myths or gossip that is associated with debt consolidation. After all it is easier to believe the negative side to something that will get out of debt, although a difficult process to undertake. It's almost like an old wive's tales to tell you that "losing weight when you are overweight is bad for your health." In this case the myth is one where people are asking: Is debt consolidation services hurt your credit rating? Most people who do not want to deal with getting rid of their debt will say "yes ."
But how is this possible? You're already in debt up to your ears, the creditors are calling left and right - your credit score is already hurt. Debt consolidation services can not hurt your credit rating further. On the contrary, they can only help your credit rating and make it better. Doing Debt Consolidation is not - declaring bankruptcy - you are actually avoiding bankruptcy, owning up to your debt and paying off the debt consolidation agreement. This means that after they consolidated debt, and you start making your monthly payments on time, your rating will begin to improve. You have 0 debt on your credit card, so that when you consolidate your credit rating will improve.
Now, there are both advantages and disadvantages of the credit scoring process. First you have creditors calling, so you can begin to relax, and it is an advantage. However, the lack lies in the fact that those credit cards would be tempting, but You May get even more credit card offers, but you must stay away from them, as incurring more debt will negatively affect your credit rating.
I hope you will have an answer to your question: whether the debt consolidation services hurt your credit rating, and do you make the final decision on the final cleaning of your credit debt. Granted, this is a painful decision, like all things that are good for you are painful, but it is the best and fastest way to get out of debt.
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