How does taking out an unsecured loan to pay off my credit card debt affect my credit?
If you take a loan, future lenders will (may) view you as overextended and therefore you will be considered less financially trustworthy. As a result, applying for loans in the future will (may) be difficult. In addition, if you fail to make the payments back to the bank on time, or cannot eventually pay off the loan in full, this will have an adverse effect on your credit score and credit report. Q: Are credit card debt consolidation programs the same as consolidation loans? A: No they are not. Credit card consolidation programs do not lend their clients any money. Instead, they negotiate with your creditors to lower the amount of debt that you must pay back to settle your balances (or interest rates like credit counseling) Q: What are my debt help options for consolidating my unsecured debt? A: There are several options you can choose from to consolidate your unsecured loans. Debt settlement and negotiation is one option that you have. This is the fastest and most cost effective appr
