Loan Consolidation

6 Responses to “When getting a consolidation loan, what happens to your credit cards they are consolidating from?”

1. CHUMBA on May 6th, 2009 at 4:02 am

   Certain loan companies will expect you to close the accounts, but they are the few….I consolidated my bills with a high limit credit card with 0% for 1 year and 5.99% after that, all my other credit cards are still open with zero balance and currently with good established credit. So watch out in the mailbox, for these credit card offers, and apply, it's definitely worth it , but you must make your payments on time, pay a least the minimum amount due and not go over the limit….otherwise the APR will be increased much higher…..Good Luck hope it works for you, as it has done for me….

2. Kokopelli on May 6th, 2009 at 4:02 am

   Nothing happens to them. The balances are simply paid off. You are free to then run them up again and get another consolidation loan and do it all over and over again and again. It's called a treadmill. You run on it, and the bank lending you the money gets it all.

3. dan h on May 6th, 2009 at 4:02 am

   They will most certainly keep the account open. They WANT you to be in debt to them. Close the accounts so that you don't end up using them again when you think you "need" to. You could get in worse trouble if you don't.

4. kassy kemp on May 6th, 2009 at 4:02 am

   Credit card debt consolidation loan is beneficial for borrowers, for example, available at lower interest rate compared to current one, one lender in place of various lenders, one loan in place of various loans, only monthly installment and so on. Credit card debt consolidation loan is not only helping you financially, but also improving your credit history.

   In credit card debt consolidation loan, if borrowers fail to make repayment on time then they will be charged for late payment and it is also mentioned on their credit report also. The main loss of late payment is, borrower may lose the benefit of reduced interest rate or it may leave where he was earlier.
   read more: http://www.card-gallery.com/article/108,Debt_Consolidation_Loan_Helps_To_Remove_Credit_Card_Debts

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