Drawbacks

Hi Michael Balsley,

As far as consolidating your debts is concerned your credit history will not have any negative impact. One thing you must be clear of that you are coming under the debt management plan because you are unable to make your present monthly payments. Since you are not making any payments the accounts are already charged off and there is R-9 on your credit report. So by consolidating your debts you will be making payments regularly and as a result your credit report vis-??-vis your credit history will improve.


Regards
Peter

Hi Michael

Welcome to the forums. As your credit report is having a negative remark presently, debt consolidation will improve your credit history because all your multiple payments will get consolidated into one single loan amount and thus payments are done completely within a due time.

Debt consolidation has some added benefits which you can have a look at http://www.debtconsolidationcare.com/benefits.html

Hope to hear from you soon

Regards
Roxette