Frequently Asked Questions About Debt Consolidation

If you have questions about debt consolidation, you are not alone. Below are the most commonly asked questions and their answers.

Will you actually take my debt?

No. There are no services that will actually remove your debt for you, rather, debt consolidation is the process of bringing many debts that you have together under one easy payment system and possibly lowering the total amount you owe altogether.

Can I talk with my lenders to consolidate on my own?

You can try, but very few people have success. Professional debt consolidation companies are successful mostly because they have a track record of working with credit card companies and lenders and know how best to negotiate with them to achieve the best results.

Does using this site affect my credit?

No. TakeMyDebt.Net is not a consolidation company or a credit-checking service. Referrals are offered through this site to national; and local companies that will handle the consolidation process for you.

Does Debt Consolidation Affect My Credit?

Usually it does not, in fact the increased speed that you will be able to pay off your debts usually serves to help improve your credit score and rating.

What are the qualifications for Debt Consolidation?

The qualifications can vary by consolidation, but they usually require that you have a minimum of $5,000-$10,000 of unsecured (non house or car) debt, be at least 18 years old and be willing to stop using your credit cards and other debts that they will handle for you.

There are different options for debt consolidation, make sure you know what you are doing.