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debt consolidation

Posted by on Aug. 28, 2009 at 8:09 PM
  • 5 Replies

hey everyone i was just wondering if anyone has done debt consolidation before? how does it work  and does it hurt your credit score? thanks ladies.

by on Aug. 28, 2009 at 8:09 PM
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Replies (1-5):
RyansMommie07
by Jessica Lynne on Aug. 28, 2009 at 8:10 PM

bump... cuz i also want to know

anetrnlov
by on Aug. 28, 2009 at 8:11 PM

I haven't done it and wouldn't advise it unless you have no other options.  It looks horrible on your credit.

          

The way to help the world is to start with your own family. ~Mother Teresa

Sygar71
by on Aug. 28, 2009 at 8:15 PM

I haven't done it personally, but my mom did it with her credit cards and got a lower pay off amount..Yes it looks bad on the credit but you also have to claim whatever the debt forgiveness is on your taxes as income..Say you have a 10,000 debt on credit cards and you get consolidation and only have to pay 5,000 to make it go away..you will get a forgiveness of debt form in the mail for the other 5,000 and that is what you have to claim on your taxes as income.. I know it sounds crazy but they consider it income because you didn't pay it back, but spent it on your credit cards.  IF you don't claim it..IRS will come after you for it...Just a bit of info I thought you might like to know before you decide if it's something you want to do..

Pen

sweets3075
by Bronze Member on Aug. 28, 2009 at 8:38 PM

thanks ladies. it's not for me my bf wanted me to ask someone.

sweets3075
by Bronze Member on Aug. 28, 2009 at 8:41 PM

could u ladies bump for me if u haven't done it . hopefully someone who has will answer. thanks!

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