Debt consolidation will leave you with a huge debt ratio, and close all your credit cards?
Monday, June 7th, 2010 at
2:10 am
Labrythn asked:
When you consolidate debt, it shows all old debts as being paid, etc, but the one new debt ratio, which is the amount being owed to the consolidation company will be huge. QUESTION: Does It lower the credit score to have a huge debt ratio like this?
OTHER QUESTION: and you also want to have say, 3 credit cards, (3 of them is the number you want to have a good credit profile, right), then the debt consolidation companies close your credit cards or do they not? How does it work
Earl
When you consolidate debt, it shows all old debts as being paid, etc, but the one new debt ratio, which is the amount being owed to the consolidation company will be huge. QUESTION: Does It lower the credit score to have a huge debt ratio like this?
OTHER QUESTION: and you also want to have say, 3 credit cards, (3 of them is the number you want to have a good credit profile, right), then the debt consolidation companies close your credit cards or do they not? How does it work
Earl
Tagged with: Credit Cards • Debt Ratio • Debts
Filed under: Personal Finance
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Doris
You can find the answers to your questions here:
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Francis
No it will never leave you with a huge debt ratio.
Just check it out on
Annie
Don’t go for debt consolidation!!!! it’s like declaring bankruptcy!!!!
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