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How Consolidation Loans Save Your Credit? — 5 Comments

  1. Consolidation loans help a lot at the time of financial disasters. However I am still against them as they are another ‘loan’ that you will have to pay with interest. A way around is to start saving up and not using credit cards anymore. This will help a lot, with the fact that one should also control his expenses and define up a budget every month.

    Regards

    .A-

  2. Pingback:Things to Consider When Comparing Debt Consolidation Programs « Debt Consolidation San Antonio

  3. You are right in saying consolidation loans can help improve your credit score but they can also have a negative impact on your credit rating. If you have a squeaky clean credit rating and go for a consolidation loan, this can show up on your credit report and effect your future lending capabilites

  4. I still think that you have to weigh the advantages and disadvantages of applying for a consolidation, because it is true that it can hurt your credit rating, but if you cannot follow up on your other loans, that might hurt your credit rating even more. So for a lot of people it is still the better solution to choose, lest they face complete desolation.

  5. Consolidation loans can be helpful, but nearly all fall into the trap of building up their credit again on top of the debt consol loan.

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