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Advice on CC debts
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<blockquote data-quote="mrogowski" data-source="post: 4725866" data-attributes="member: 569061"><p>I don't know the answer to this, but if a person is maxed out on a half dozen credit cards, credit score should be the least of one's worries.</p><p></p><p>Usually what happens with consolidation loans is you provide the bank all the info for your credit cards and they pay them off on your behalf. They also close the account since risk is now being transfered to them. This is good for you since you won't be able to rack them up again.</p><p></p><p>If your credit score is affected, it would probably be because your credit card accounts are being closed down. But at that point, who cares? You have gained control of your finances and are on the road to recovery.</p></blockquote><p></p>
[QUOTE="mrogowski, post: 4725866, member: 569061"] I don't know the answer to this, but if a person is maxed out on a half dozen credit cards, credit score should be the least of one's worries. Usually what happens with consolidation loans is you provide the bank all the info for your credit cards and they pay them off on your behalf. They also close the account since risk is now being transfered to them. This is good for you since you won't be able to rack them up again. If your credit score is affected, it would probably be because your credit card accounts are being closed down. But at that point, who cares? You have gained control of your finances and are on the road to recovery. [/QUOTE]
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