topic Debt counselling/Debt Consolidation in General Credit Topics

Debt counselling/Debt Consolidation

Anonymous — Wed, 02 Apr 2008 10:52:54 GMT

I am new to this board. My credit score is very good up to this point. My question is I have a couple of

credit cards with high int. rates that I would like to close and pay off. Is it going to hurt my credit rating

if I go with one of those Debt cons. company's. I will be paying off the cards completely but will be making one payment a month to this company on my behalf. They will be in touch with CC co. to

lower int. rates. My other option is to get a HELIC which I have been approved for. Thanks for

your help.

Re: Debt counselling/Debt Consolidation

Anonymous — Wed, 02 Apr 2008 11:59:13 GMT

Closing the cards could hurt your score.

As for debt counseling/consilidation, I've never personally used either but I've read people talk about them and how when they pull their CR after it was all over, that many of the payments showed late.

As for lowering your interest rates, you can do whatever they can do for you. Call the cards issuers up and talk to them. You could possibly get them lowered yourself.

Re: Debt counselling/Debt Consolidation

fishbjc — Wed, 02 Apr 2008 12:49:55 GMT

I'd go with the HELOC as a first choice. Don't close the accounts though. If you're not hit with an AF, just keep them open, use once-in-a-while, PIF.