Debt Consolidation Service --- Harmful? - Posted by FrHouston

Posted by Bruce Lawson on May 19, 2002 at 19:13:45:

Hi FrHouston,

Yes Debt consolidation will look bad to a lender, you will show stronger to a lender if you make your own arrangements to negotiate a lesser balance. If you use a debt negotiation service it will send a message to the lender you are attempting to borrow money from that you are a poor manager of your money. I would ask the lender how they would look at that siuation then make your decision.

Sincerely,

Bruce Lawson

Debt Consolidation Service — Harmful? - Posted by FrHouston

Posted by FrHouston on May 19, 2002 at 18:35:35:

I’ve purchased a property using some of my credit cards and I’m planning to use a debt consolidation service to lower my payments and make the time to pay it off a little longer, will this be harmful to my credit rating when the time comes that I go to an institutional lender?

Please advise.

FrHouston