Is consolidating debt into your mortgage a good idea

Is Debt Consolidation a Good Idea? Find out the Truth

Is consolidating debt a good idea

have been approved for a 30k loan which would clear all my credit card debt…would that give me a better credit score if had a 30k loan and no cc debt (giving me 45k in available credit? "if you're spending more than you can afford, consolidating your debt will not improve your spending habits and will likely be harmful in the long run," says huettner. card consolidation can affect your credit in many ways, depending on which strategy you choose. he’s now doing debt consolidation on his credit cards because he’s fallen behind. that being said, i went to apply for a personal loan to be added to my 5,500 loan for ,500 to pay off the cc debt and eliminate the high interest rate payments (saving me over 0 a month), but was declined due to increase of debt. is possible to consolidate business accounts, though most policies banks have in this area favor consumer debts. the scores are comprised of debt to income ratio, but also credit worthiness and longevity, among many other things. we have about 0,000 in business debt currently active and all in good standing, we have never made a late payment. matter what credit card consolidation options you’re considering, be sure to ask about any fees you may have to pay, and factor those numbers into your decision. we wrote about a similar scenario here: can you consolidate your debt with bad credit? if your credit score keeps you from qualifying for a balance transfer card (and it is likely). while you can save the most by strategically transferring your debt to another low introductory rate card whenever the last “teaser” rate is about to expire, the constant balance swapping can burn you out and if you flub it, you could pay for it. With mortgage rates at historic lows, consolidating credit card debt in a refinance can substantially lower monthly expenses. is no magic ratio that is “good” but generally if your balances on any of your cards start creeping above 20 – 25% of your available credit, you may see an impact on your scores. i have a good creadit score and i do not want to hurt my credit score by having to close accounts, etc. they refinanced their new jersey home in july, rolling ,000 of credit card and car loan debt into their 30-year fixed-rate loan. if you’re in a loop and can’t seem to make progress, it may be time to get some help, or to consider a debt management plan. you set up the loan for three to five years, you will be “forced” to stay on your debt consolidation schedule. sounds like you are in a catch-22 – you can’t pay down your debt without consolidating, and you can’t consolidate until you pay down your debt. where can i go to get a personal loan that will give me the amount i need without telling me i have too much credit card debt when thats the purpose of the loan!

How Can I Consolidate My Debt?

Is consolidating your credit a good idea

related: 10 worst credit card mistakes, 8 things you must know about credit card debt, 9 things you must know about debt consolidation,  keep credit scores clean when closing on a home, want to refi? debt consolidation 20 years ago is not done the same way as it is now, there is many new regulations in place to protect you. because applying for a card, whether you get it or not, causes a small, temporary drop in your score. "a financial crisis is a good opportunity to look at your big picture," says white. researching loan consolidation options, you may come across what’s known as debt consolidation companies. it sounds like you’re still juggling and struggling with all these debts and that your cash flow is still very tight. you are commenting using a facebook account, your profile information may be displayed with your comment depending on your privacy settings. and be sure to discuss the situation with a lender before your credit report is pulled. Let's explore the pros and cons of some of your major options. both couples plan to pay off their mortgages early, but experts say this may not be wise. you blow it, you may ruin one of the most important relationships in your life. you lose your job, you might have to pay back your retirement fund loan immediately … or pay taxes and penalties and have it treated as an early withdrawal. could end up robbing your retirement fund if you rely too much on these loans.. the best option might be a debt management plan, which is described in the post. i guess i was hoping with a debt consolidation company we could lower our monthly burden, stretching out our payment to 48-60 months. and then there’s the risk of increasing your debt if you fail to make your payments under a debt settlement program. (of course, while you’re using your ira money, it won’t be earning you any interest either. a debt management plan, you make one monthly payment to a credit counseling agency and the agency pays each of your credit card lenders. my debt to income has not changed since the original loan and i have a “fair” credit score according to a credit simulator. know this is a very tough time for both of you and i know it’s not easy to take a hit to your credit.

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Consolidating debt into mortgage good idea

idea might be to split the difference and do both." "in general, rolling credit card debt into mortgage loans is not a good idea. we had previously considered a debt consolidation which would help us pay off our credit cards and loans in about 5 years with a very high payment. you’ll find it here: will debt consolidation help or hurt your credit? you’re making little to no progress repaying your credit card balances or consider yourself to have a severe debt problem, you may want to reach out to a reputable credit counseling agency about a debt management plan.’s hard to know the answer because it’s impossible to know your exact situation. huettner, president of huettner capital, a mortgage brokerage specializing in debt consolidation, advises homeowners to answer three questions before rolling debt into a home loan:Why do you have this debt? > managing debt articles > debt consolidation: the pros and cons of your major options.’t your credit report get dinged when signing up with a credit counseling agency? they're now saving ,000 per month -- 0 less in mortgage, 0 less in credit card payments. if you renege, they can pester you for payment and ding your credit report, but they cannot confiscate your home. a lender may lower the interest rate on your credit card balance when you participate in a debt management plan. for consumers with good credit, there are several balance transfer and low interest rate credit card offers available. "the theory of turning higher debt rates (credit cards) into lower ones (mortgage) is a great idea," says white in an e-mail, "but it usually doesn't work because many of the people who end up in this situation have a habit of spending without conscious decision making. but as negative information becomes older it has less impact and you can rebuild your credit. where is your money going and what are you putting on credit cards? rates are better when the loan is secured and you’ve been a bank customer for years than when the loan is unsecured and given solely against your good name. about 30% of your score is based on the amount of your available credit you use. These tips for consolidating credit card debt from our credit experts can help lighten the load. 1 thing you can do to help your credit), take a look at your debt-to-available credit ratio. Dating and domestic violence prevention programs in school 

Is consolidating your loans a good idea

this is admittedly more of a hassle than making one toll-free call, but if you’re honest about your credit situation as you look over the offers, you may find a lower-rate card without too much trouble. i don’t make much money either, but i’m not doing debt consolidation, how will this affect me and my credit cards? i need to do something to move the k off the credit card and am wondering how a debt consolidation loan would impact my score.’s how credit card consolidation works: you first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later). you can read more here:Will debt consolidation help or hurt your credit? (by credit counseling i mean a program where he pays back 100% of the debt; not a program where they negotiate settlements for less than the full amount. a credit counseling agency does not care about your credit scores. their adviser also helped them design a plan to avoid future debt and pay off their mortgage early. "this is the beginning of their effort to get rid of debt, not the end," says todd huettner, president of huettner capital, a mortgage brokerage specializing in debt consolidation. the 7 biggest questions about debt collections & your credit and does your old debt have an expiration date? you do have to weigh the certainty that your credit score would take a hit (and some time to rebuild) against the advantage of a program that will allow you to make progress and pay off your debts. but you do want to be careful about applying for loans with multiple lenders as the inquiries can impact your scores. you can consolidate your loan by credit card balance transfer and debt consolidation loan. aside from this debt, i have a car loan through my credit union that i have been paying on time for over a year and student loans. our “new” payments will go up about for our already low mortgage payment; however it extends the mortgage a new 30 year loan. so i guess my question is, how is someone to pay off other debts if credit unions are judging your debt off a mortgage payment?” if you’re considering this option, try to speak with a nonprofit credit counselor first because debt settlement can put your credit in jeopardy. you will pay significantly more in interest over the life of the homeowner's loan than you would if you chipped away at your credit card debt over a period of three to five years. you know where your credit stands, you’ll have most of the information you’ll need to help you decide what credit card debt consolidation plan should work best for you. below-market interest rates may inspire uncle sam to look to your family for taxes on the interest you would have had to pay a traditional lender.

Is consolidating your debt a good idea

"it's extremely helpful to have a good adviser," gayle says. by consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt. would a debt consolidation company be able to help us? you can get a personal loan to consolidate that debt, and if it is reported to the credit bureaus as an installment loan (not revolving), then you may see your credit scores go up., don’t hesitate to ask your bank or credit union to give you a better deal if they want to keep your business. with their savings dwindling and credit card debt mounting, they looked to their most valuable assets: their center-city philadelphia home and a second house they were renting out. don’t quite understand your situation but it sounds like you owe about ,700 in high interest credit card debt. that might be a good option for you…you’ll find more information about. a credit score factors in both non-revolving (car loans or mortgages, for example) and revolving (usually credit cards) credit. if they are federal student loans, you may be able to get them forgiven due to your disability. you can find more information here:Is a debt management plan right for you? since much of their credit card debt went toward home repairs, he convinced them to take out an extra ,000 to stash away as an emergency fund. mortgage rates still near historic lows, consolidating credit card debt in a refinance can substantially lower monthly expenses. you have a spotty credit history with many outstanding debts, you will not be offered a great rate from a bank. in mind a debt management plan may have a negative impact on your credit during the course of the program because your creditors will close or suspend your accounts while in the program, and this can affect your credit utilization. have you checked your credit scores to see how this factor is impacting your credit? if you let the bank take the payments from your account automatically, you may get an even better rate. i consolidate my debt am i still eligble for student loans? you fall behind on your repayments, even though they are to yourself, the irs will treat a retirement fund loan as an early withdrawal — 10%, plus taxes. and will be updated on your credit report to show that the account was closed.

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Consolidating debt into your mortgage good idea

if they are consumer debts, you may want to look into bankruptcy. consolidation affect your current card credit limit or result in loosing the cards? in general, debt consolidation entails rolling several unsecured debts, such as credit cards, personal loans or medical bills, into one single bill that’s paid off with a loan. that’s because some may be debt settlement companies that convince you to stop paying your debts and “instead pay into a special account,” the cfpb warns. because the scores come from information in your credit reports, you should also check those for errors and dispute any information that is inaccurate. if the bank’s terms are not to your liking, there’s no reason to have its inquiry show on your credit report. couple had refinanced six years before, but when mortgage rates dropped to historic lows in may, they saw an opportunity to eliminate their credit card debt by refinancing their home and rolling ,000 of credit card debt into the loan. if you can get into a debt management plan to pay off all that debt at a lower interest rate, and the monthly payment on the dmp is affordable, i would say go for that and forget about this 22% interest loan which is very expensive. you complete your plan, some of your creditors may re-establish your credit based on your new, debt-free status and the on-time payment history you established through the course of the debt management plan. here’s how to check and monitor your credit score for free. they may be able to take your retirement assets into account even if they can’t be used as collateral. thanks to an excellent credit rating and an appraisal valuing the house at 5,000 -- four times what they owed on it -- ray and joann managed to lock in a 30-year fixed mortgage interest rate of 4. have nothing to lose and you may save yourself a lot of money — now and over the long haul. consolidation is a type of debt refinancing that allows consumers to pay off other debts. both have income now and my credit score is pretty fair and when i tried to consolidate the debt above a few months ago i got denied. it’s understandable you want to get your interest rates down, though, and it’s good you’re trying to be proactive about the process. "by timing the closing and your current loan payments, calculating any escrow refund and using incidental cash back, you can include several thousand dollars in your loan that wind up in your pocket," says huettner. they want to see how long you’ve kept that credit, expecting a good relationship with the lender and you’ve shown responsibility. may be able to consolidate your debt with a personal loan from your bank or credit union.’t unwittingly extend the length of time you’ll be in debt or it might cost you more over the long run than if you’d simply paid off those higher rate bills.

Is consolidating your bills a good idea

it might be your best hope of paying off a debt that large on your income. here’s how to get your free credit score along with a personalized plan for improving it. it is a good thing to have them open and not use them because your debt to credit availability is there. my payments were always on time and so i dont know how i am suppose to show effort if that amount of debt is always going to be the same due to interest. my credit score was provided with a fair rating but then the reason was that the amount of debt between us was too high, roughly 10k. promotional interest rates expire — like 12 months of a 0% apr on a balance transfer card — so make sure you can repay your debt within that time frame, otherwise you may not be saving any money at all. those joint debts will appear closed on your credit reports and that could have an effect on your credit scores. sometimes the solution really is additional income, and it sounds as if you’ve reached that conclusion for yourself. has her own reasons for advising against rolling debt into home loans. you can read more here:Will debt consolidation help or hurt your credit? your credit utilization counts toward 30% of your credit score, and that’s why it’s important to keep that ratio low — under 30% and, optimally, less than 10% of your credit limits, overall and on individual cards. – a balance transfer is a great way to eliminate short-term debt, but it can have an impact on your credit score . was denied a consolidation loan because my debt-to-income ratio is too high. the couple's mortgage payment increased by 5 (they were hoping to reduce their rate from 6 1/8 to 5 percent, but their broker locked in late), they netted 0 in monthly savings. tip for mom and dad: 
if your kids ask you for a loan — for debt consolidation or any other purpose – even if you can easily afford the requested amount — take a good, hard look before you agree. you do close your accounts, but it’s not as bad as bankruptcy which most people seem to think it is. if you were to withdraw retirement funds early instead, from your 401k, for example, you’d have to pay taxes and a 10% penalty. if it doesn't make sense to refinance without the debt, you're probably spending more than you're saving. failing to pay a personal loan as agreed will hurt your credit, so stay on top of your loan payments and work to build up a solid payment history. as for the new account, it may have an impact on your score but usually for most people that levels out once the bills are paid on time for a few months.

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Consider Debt Consolidation – Wells Fargo

speak with a tax professional before undertaking an ira rollover to be certain your plan is sound. on-time payments will build credit score, before you refinance, clean up your credit score. (not every creditor has to participate, so you may be able to keep a credit card out of the debt management plan if you need it to remain open for travel or business purposes, for example. on credit cards for my groceries – and paying off all my debt off within the 3 year lifespan of the newest loan… should i include the previous loan and whatever credit cards that can be covered by these. there’s always a risk of a “margin call” if the market crashes, most advisors urge caution here — that is, to keep margin borrowing at 20 to 25% of your investment account. adding a personal loan to your credit history can improve your mix of accounts (it’s good to have a combination of installment  and revolving credit, like credit cards). there are dozens of ways to do this, and some include transferring debt to a zero or low-interest credit card, taking out a debt consolidation loan, applying for a home equity loan or paying back your debt through a debt repayment plan. for your credit, the only impact to your credit rating is if joint debts are included in the program. your best bet may be to put a small, recurring charge on the wells fargo card and automate payment. you shop carefully, you’ll be able to get a good deal on closing costs, which could save money. off the debt with the highest interest rate first will save you the most money. – find out how a balance transfer card works and how you can avoid paying interest for a year or more while paying down debt . by leaving the 'post to facebook' box selected, your comment will be published to your facebook profile in addition to the space below. the debt probably won’t hurt your credit scores over the long run, but there could be a short-term impact from the new loan with a balance. is an example of how much you can potentially save in monthly payments when you roll your credit card debt into a mortgage refinancing. i’ve done some research and with my credit, 665, i don’t think i’d get a good deal. it’s also a good idea to stay clear of websites and lenders that charge you big upfront fees for a debt consolidation loan. if your scores are strong enough to get the lease now you may want to go ahead and do that. recently took out a debt consolidation loan to pay off my credit cards and have just the one bill – however, the loan didn’t quite cover my credit cards… i also opened two new balance transfer 0% credit cards to help cut the interest of the leftover credit card debt… i still don’t quite have enough to wipe it all into 3 bills – plus, i have a previous personal loan i have 2 more years of paying… what would be the best way to distribute these funds, and balance transfers… so that i’m cutting my interest payments, upping my cashflow so that i’m not. for example, you can use money from your ira interest-free for 60 days.

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How can I safely consolidate my credit card debt? > Consumer

assume by debt consolidation you mean that he is repaying his debts through a credit counseling organization. credit cards may have a balance transfer fee, so you’ll want to make sure that cost doesn’t outweigh the potential benefit of getting a lower interest rate on your debt. credit scoring models generally don’t take into account the fact that an account is being paid through a debt management plan. credit union is probably taking all your debt into consideration, not just the mortgage. on the other hand, it can get you out of debt and lower your interest rates.’t pocket the money that your refinancing frees up every month. but high utilization alone should not have brought your score down quite so low. just purchased a home (284k debt) and have two small cc’s (under 2k each) that i put at a high utilization after i purchased the home. may not make sense but that is the way it’s factored into your credit score, which is the end result here. the latest news, advice, articles and tips delivered to your inbox.’t use your ira to pay debts unless you are 100% confident the money will be replaced within two months, say, with a tax refund. if you mean credit counseling then yes, you will have to close your current credit cards (at least most of them). and if you make your credit card or loan payments as agreed, you’ll establish a positive payment history, which affects your credit scores more than anything else. you’ve built up some equity and interest rates seem favorable, it may make sense to refinance your home and use the additional cash you can borrow to pay off more expensive debts. you’ll want to use less than 30% of your credit card limit (thus you’d need a limit of ,000 on a balance-transfer card to do what you’re considering without dinging your score). not only does that simplify your debt payments, it can also help you save money. here’s how to get your free annual credit reports. only have about 834 dollars in credit card debt but i also have a few bills past due, would it be smart for me to consolidate my debt. "saving for retirement and emergencies are line items, the first two things in your budget after taxes," huettner says. can read more about debt payoff strategies and credit scores here:5 ways to get out of debt: which will work for you?

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Home-Equity Loan Definition | Investopedia

.This example assumes no additional charges are made to the card while paying off the debt. if an offer sounds too good to be true, it probably is. you decide to consolidate debt into a home loan or chip away at it the old-fashioned way, have a plan in place. some strategies will be more affordable than others, and your credit card consolidation choices may be limited by your credit standing. of any lender that promises to offer you a loan regardless of your credit. you have good credit, look for a credit card with a low interest rate. we wrote about that here: will debt consolidation help or hurt your credit? you can read more about those here:Is a debt management plan right for you? i discovered that any money that was shaved off my debt in any way whether by lower interest rates or by taking settlements were considered charge-offs and demolished your credit rating. know what interest rate you’d like to propose and how much your monthly payments will be. then you’ll only have one monthly payment: the loan, the credit card or the debt management plan. you’re feeling weighed down by several credit card balances, credit card debt consolidation could provide some serious relief. i’m not giving up and i will win this i just needed to see if anyone had an idea i haven’t already looked into. if you go that route, you would be turning unsecured debt into a debt secured by a home, putting the home at risk if you are unable to repay. you don’t pay your debt, creditors could hire debt collection agencies, which could lead to a lawsuit, the cfpb says. with equity in their homes can still borrow against it to settle debts. might help if it reduces your interest rate, has affordable payments and if you have eliminated the problem that resulted in the credit card debt.’re putting your home on the line, which is extremely risky unless you are certain you can trust yourself to stop overspending and to faithfully pay off the home loan(s). consolidation at a lower interest rate isn't always enough to help you become debt-free. cutting back on your lifestyle and changing spending behavior "takes sweat," says huettner. Writing an online dating profile for women -

Debt consolidation loans - Money Advice Service

(again, i am talking about credit counseling not debt settlement. "that 30-year fixed mortgage becomes an investment, after taxes, of close to 4 percent," says huettner. you considered at least talking with a credit counseling agency so they can go over your budget with you and offer you some suggestions? for your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. whichever option you choose, you will use it to pay off your multiple balances. you’ve chosen a debt consolidation method, it’s a good idea to keep the total cost as low as possible. the mcweeneys have a good start with the ,000 extra they took out, but huettner warns that fund will vanish if they don't feed it. treat yourself to a nice dinner out and leave it at that. should be able to report any income available to you to pay the debt. or are you saying your current lender didn’t want to consolidate? for example, if you’re consolidating multiple balances onto one card, you’ll want to avoid maxing out that card’s credit limit, because that will hurt your credit utilization rate (how much debt you’re carrying compared to your total credit limit). if, for example, you have a credit line of ,000 and you owe ,000, you are using 50% of your available credit — and that will hurt your score. they get a higher rate, you get a lower rate, and you’ll be able to quickly get out of debt. of the easiest ways to consolidate your credit card debts is to call your current card issuers and ask for a better deal. if not, that’s what i would recommend as your next step. you may also want to explore talking with a credit counselor about your options for a repayment plan., accounts that are accepted into a credit counseling agency’s debt management program will be closed. if they lowered or settled your balances – then that makes sense – and still not sure if something should be charged off if the creditor agreed to accept a lower amount. card debt consolidation may save you money, but it’s often not free. did they give you your credit score and the reason for decline?.

Should I use my mortgage to pay off other debts? |

best way to consolidate credit card debt — and whether consolidation will work for you at all — depends on your situation, so you might want to consult a non-profit credit counselor about your best options. diversity of credit has an effect, as do on-time payments and the amount of credit you access versus your credit limit (under 10% is best of all, but under 30% is considered acceptable). we have high balances now and would like to be debt free! so focus on trying to get rid of the debt and then you can focus on your credit reports and scores. they may be able to help you reduce your interest rates and monthly payment, and get you into a single monthly payment. by keeping your old credit cards open, you will not lower your credit utilization.) we wrote about that option here: will debt consolidation help or hurt your credit? personal loan may be a smart move for that debt if you can qualify for a decent interest rate. i am thinking about consolidating, however, after doing some research i’m not sure i want to go that route. you can transfer high interest rate credit card balances to a single card with a lower apr and save money on monthly finance charges as you pay down your debt. husband is thinking we should refinance and pull all the money out of our equity to pay off our 50k credit card debt. friends and family:These loans can be your best or worst nightmare. not paying creditors will also show up as a negative transaction on your credit report that makes it harder to borrow more money. and you can verify if a lender is registered to do business in your state by contacting your state attorney general’s office or your state’s department of banking or financial regulation. for example, a regular refinance may produce enough cash to cover the debt. above example assumes the ,000 in credit card debt is paid off in 30 years. can save a fortune by switching debts from the double-digits of typical credit card bills to the much lower rates on home equity loans and refinances. i got a loan to payoff my credit card debt and then something happened with our house and i racked it back up. – it sounds like credit counseling would be a good next step for you. hopefully you’ll have a lot less stress once the debt is paid off.

When (And When Not) to Refinance Your Mortgage | Investopedia

off debt in collections won’t help your credit scores in the short term. so i can’t guarantee that your scores won’t dip when you do this. whether or not refinancing their debt proves a smart move may depend on whether they take the next steps:Prepare a detailed cash flow analysis. closing active credit accounts can have a negative impact on your score. i tried doing another little loan but it didn’t help much and now i have that debt too. try not to take the maximum amount of time possible to pay off your new loan, and come up with a plan to get out of debt in three to five years. if it will save you a good chunk of money it may be worth it! i have about 30k in cc debts its an accumulation of 10 years plus, i was wondering if i can find a good cc consolidation to help me pay my debt in one bill. we wrote more about that here: will debt consolidation help or hurt your credit? you go for a variable-rate loan, remember that what goes down may well go up, increasing your cost of borrowing. are several safe and smart ways to consolidate credit card debt, so you’ll want to research them before deciding what’s best for you. once that’s set up, use the money as prepayment against your home loan or to boost your retirement savings. that makes me think that you could be a good candidate for credit counseling." if your credit is good, there are still some 0 percent balance transfer credit cards that could help you pay the balance faster. if you leave those accounts open and do not use them or seldomly use them then quickly pay it off it will only increse your credit. there a more effective way to eliminate your debt than rolling it into your home loan? if i am a stay at home mom with previous credit card debt? i’m in a debt management plan, can i still keep one credit card alive, in case i need it for airfare or other situations that require a credit card? have approximate ,000 in high interest credit card debt and just spinning my wheels making minimum monthly payments. most recent balance transfer, debt consolidation stories:How does a balance transfer affect your credit score?  Can twitter be used as a dating site-

Is it a Good Idea to Consolidate Debt in a Mortgage Refinance

more about that here:Does closing your credit card account affect your credit score? ideally, you offer your parents or another private lender an interest rate that’s better than what they’re getting at the savings bank. i don’t know why they still open but are you saying that it is actually a good thing to have them there?’s the possibility of being able to deduct the interest on home loans, which is not possible with credit card debts. so if you find yourself in a situation where it makes sense to get help with your debt, don’t hesitate to get it. i doubt a credit counseling agency will help either though they may be able to help you review your budget to get some ideas for ways to tackle that debt (and the consultation should be free or very low cost). same goes for debt consolidation loans: ask about any loan origination fees, and make sure the loan payment amount is something that easily fits into your budget. on your circumstances and the local competition between lenders, you may be able to get a great rate. not only will you be bailing out your children at an important time in their lives, you’ll be giving them an excellent borrowing experience. also may not want to close your old credit cards, as this can potentially ding your scores as well.’t use your ira to pay debts unless you are absolutely certain that you can come up with the funds in 60 days.™ is a free, secure service that will not affect your credit score. "for people who don't have much debt or where the costs of the cash-out are too high, this is often a better alternative. sure to check out any potential online lenders with the better business bureau before applying for a debt consolidation loan online.’ve read quite a bit about debt consolidation/debt relief…my husband is on permanent disability and on a fixed income. if you have 0k in open to buy credit, and only k in debt, that helps your score. time, paying off your debt this way can have a positive impact on your credit since you’ll be largely debt-free in 3-5 years. your interest rates and payments will likely be reduced, and you will have a plan for paying back your debt in a reasonable period of time. have ,000 in credit card debt due to the economy and job loss over the last few years. and with a personal loan, new mortgage, credit cards, car loan and student loan, it sounds like you have quite a few bills you’re handling.

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