Poor credit consolidating finance
Credit cards can carry a much higher interest rate than a Debt Consolidation loan and take a longer time to payoff.A debt consolidation loan has a short fixed number of years and your debt will be paid in full when the loan is completed.
Borrowers can use a debt consolidation loan to pay off debts and replace them with a single loan.It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.At that point, the delinquency stops affecting your credit. Your credit suffers tremendously in the meantime, and since you’re still legally obligated to pay the debt, a debt collector can pursue you until the statute of limitations runs out in the state where you live.Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.