Does consolidating credit card debt hurt your credit kids first dating
Your credit counselor may also work with your creditors to negotiate lower interest rates or waive certain fees.
Cons: Some credit counselors may charge a fee for some of their services, and you may have to agree not to apply for new credit or use your existing credit if you participate in a debt-management plan.
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Pros: If you have good credit, you may qualify for a lower interest rate on a personal loan than the rates your credit card issuers are charging.
Personal loans offer flexible repayment terms, so you can select the one that’s right for your budget.
But really, if your credit is that high you’d be better off consolidating on your own with a debt consolidation loan or credit card balance transfer. Any time you miss a payment, you hurt your credit score.
Of course, if you have really excellent credit, then a few missed payments in the first month of your debt management program CAN make a difference and lower your scores.
Basically, this happens because there can be a gap between when a payment was supposed to be made on your previous payment schedule and the payments you’re making now.
This only happens in the first month of the program.
When you start a debt management program, you’re adjusting the payment schedule for your credit cards.
So it’s important to note that your creditors may report that you’ve missed a payment on your credit reports in the first month your plan starts.