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Getting Out of Debt on a Teacher's Salary
Getting Out of Debt When You Have No Money
Getting Out of Vehicle Debt
Disadvantages of Consolidating Credit Cards
Does Consolidating Credit Cards Hurt Your Credit?
Is Debt Consolidation Good?
How to Get Someone to Pay Off My Debt
Settling Debt
How to Consolidate All Debts
How to Pay Off Debts When You Don't Know Where to Pay
What Is the Best Debt Consolidation Company?
Where to Get Free Money to Pay Off Debts
When Not Paying Off Old Debts Can Hurt
About Credit Card Debt
What Is the Best Way to Consolidate Credit Card Loans?
How to Pay Down Debt
How to Get Out of Debt With Low Income
How Does a Debt Consolidation Program Work?
What Are the Pros & Cons of Debt Consolidation Programs?
How to Find Debt Cures
What Is Good Debt?
Do-It-Yourself Debt Consolidation
Do You Need Debt to Build Credit?
What Effect Will Debt Settlements Have on My Credit Report?
Can a Credit Card Company Pursue Debt After 7 Years?
What Is a Consolidation Loan?
What Types of Debt Can Be Garnished From Wages?
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Summary: Consolidating credit cards hurts a person's credit because it is a sign to credit card companies that a person is having trouble with their credit card payments. Find out what research needs to be done before consolidating credit cards with help from the owner of a debt negotiation company in this free video on debt and money management.
Peter Repak has been in the debt settlement business for over half a decade. He and his wife founded the Clear Financial Company with a common goal of helping others to get out of...read more
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"Hi my name is Peter Repak. I am the owner of Clear Financial LLC. Does consolidating credit cards hurt your credit? Yes. The answer is simple. The reason why it does. Because once you start to consolidate your credit card debts with a consolidating agency like a credit counseling agency. What happens is that you perform and you tell that you are unable to handle your credit card debts. This is automatically giving a flag on your credit score and your FICO score. What happens is actually these credit card companies at one point in 1960 they found out that there are people who are unable to pay their debt back. What they did at that time during the 1960s, they said, ok we're going to create a company, a non profit company, to collect money from people. So what they did, they set up these companies. What they do is they collect all of your payments into one and they distribute it throughout your creditors. But what, again, you do at this time is you say to the creditors, look I can't handle my finances myself. Here is, you do it for me. They do it for you. They probably lower your interest rate because the credit card company is telling them that your interest rate is going to be such and such at the beginning of each month. However, what you need to know about this. It is one of the worst things that you can actually do because your debt to income ration stays exactly as what it was. Meaning, your debt didn't disappear and at this time your credit is getting a hit because you can't handle your debt. That is what you have demonstrated and at the same time you still owe the same amount of money. But you do have to do your research about this. Again my name is Peter Repak. I'm the owner of clear Financial LLC. It's a debt negotiation company. Thank you very much for watching."
eHow Article: Does Consolidating Credit Cards Hurt Your Credit?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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