Posted on: 04th Dec, 2009 03:40 pm
aRE THEY HESITANT TO LOAN A PERSON MONEY WHP HAS CONSOLIDATED THEIR DEBT?
there might be a lender foolish enough to look unfavorably upon someone who has consolidated, but most of us think it's a fine idea. handled correctly, a consolidation loan can eliminate someone's debt and keep them in good shape for the future. instead of having ten accounts with monthly payments totaling $600, a person might have one account with a monthly payment of $300, freeing up more of their income to allow for payment of a mortgage loan, for example.
if there's evidence that someone who has consolidated then went out and ramped up debt again, that would be considered as a negative, but on the whole, a consolidation loan is going to be beneficial and treated that way.
if there's evidence that someone who has consolidated then went out and ramped up debt again, that would be considered as a negative, but on the whole, a consolidation loan is going to be beneficial and treated that way.