discussion: www.talk.usatoday.com From USAToday Sept 12: "Too much debt? Are you being crushed by debt? Having trouble managing your money? Members of the National Foundation for Credit Counseling will be online from noon to 2 p.m. ET today AND FRIDAY to give tips on how to reduce debt load and get on with your financial life...." I will log in and check it out - sound interesting.. arff - dogman
interesting - you can submit your own questions and the consultant will answer - you can read other's posts..... aarrff - dogman
Transcript: http://cgi1.usatoday.com/mchat/20020912007/tscript.htm Linda Busching is a Certified Consumer Credit Counselor Phoenix, AZ: A year ago, I entered into an agreement for debt consolidation. That company told me that it looks good on your credit report. It shows that you want to get things taken care of. I should have it paid off in 4.5 more years, as opposed to the 35 years it was before this. However, I recently met with a mortgage broker (another story), and he told me to never enter a debt consolidation program again, because it does not look good on my credit. So which is it? Debt consolidation on credit report - good or bad? Thank you!! Linda Busching: Before enrolling in a debt consolidation program, or debt management plan, a consumer must consider the pros and cons and make a decision based on current objectives. If you're about to buy a home, you might want to hold off on starting a program because of potential credit report effects. A debt management plan may or may not negatively impact your credit report. (Sounds like a politician answering) It depends on various factors: what your credit report looked like before the Plan, any missed payments while on Plan, the creditors policy for reporting participation in a Plan, and the potential lender's subjective opinion of the Plan.....
