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Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years - and begin rapid wealth-building - without sacrificing the things that matter most to you!

4 Responses

1. kevin h Says:
   December 16th, 2009 at 10:17 am 1

   ANSWER: Pay your bills!
   OTHER ANSWER: Pay your bills!

2. J'adore Says:
   December 18th, 2009 at 4:38 am 2

   first of all debt consolidation only consolidates what you tell them too. They can’t get access to all your debts so the answer is no. if you have 15 accounts and you only need to consolidate 10 of them because the other 5 are on time or close to being paid off, or you just aren’t going to pay them off, they wont know unless you tell them and give them the account numbers.

   No you do not close your credit card accounts. you can just not take on any new debts like car, mortgage, loans and other larger debts. My mother in law did it and she was still able to use her credit cards… but she may not have had them consolidated. But if you are trying to pay off those cards then it would be dumb to continue using them.

3. Gordon D Says:
   December 19th, 2009 at 5:45 am 3

   No it does not up your score.
   Providing you consolidate and lower your repayments, you could try continuing to pay the new lower payment debt, by paying as much as you were paying before consolidation.

   That will increase your principal payment
   and continue to lower your interest : princiapl ratio

4. calalum1996 Says:
   December 20th, 2009 at 12:52 pm 4

   The temptation is to have lower payments, but that does mean you’ll take longer to pay off the debts, and so you’ll end up paying a huge amount more in interest rates over time. Possibly thousands more.

   Be careful–think this through very carefully and do the math.

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