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debt consolidation
- Thread Starter msotas
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jharris352
New Member
It depends on what you are calling a debt consolidation agency. If you are talking about a new loan that pays off the old loans in full, NO. If you are talking about settling debt into one payment without paying it off, then yes.
What will certainly ruin your credit is consolidating and then continuing to spend in the way that brought all your debt. If you take your "savings" in payment and apply it to paying down the debt, you will increase your credit score. If spend the extra money and run up more debt then you will greatly harm your credit.
Do it right.
What will certainly ruin your credit is consolidating and then continuing to spend in the way that brought all your debt. If you take your "savings" in payment and apply it to paying down the debt, you will increase your credit score. If spend the extra money and run up more debt then you will greatly harm your credit.
Do it right.
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