How does this sound? Does it seem true that banks view debt consolidation as a bankruptcy? Will you be able to
Sep 21, 2009 in
Personal Finance
fable t
get a loan after a debt consolidation? Does it depend on the amount of debt or ?
get a loan after a debt consolidation? Does it depend on the amount of debt or ?
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2 comments
flubbety on September 23, 2009 at 5:21 pm
debt consolidation is nothing more than getting one loan to pay off all previous loans and then paying off that loan. It doesn’t negatively affect your credit as bankruptcy would as bankruptcy is asking your creditors to forgive your debt after proving that it is impossible to pay them off.
Lesley on September 26, 2009 at 8:50 pm
If you are done with the debt consolidation wouldn’t that mean the debt is all consolidated into one loan? If that is the case wouldn’t you just be paying every month? I don’t know how that could be viewed as a bankruptcy.