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Posted by / 16-Jun-2020 21:50

Mortgage debt consolidating loan companies

You can transfer the balances of the high interest accounts to the no interest card.

By paying off all of those high interest debts with a single low interest loan you can get out of debt much quicker and cheaper.A debt management plan, or DMP, is offered by credit card debt consolidation companies. What happens in a DMP is your cards will all be closed.The company you choose to work with will negotiate your interest rate down and set up a repayment plan. You will pay one fixed monthly payment to the consolidation company that is then dispersed to your creditors, minus their fees.All of the accounts enrolled will show that you’re in a DMP on your credit report.You will not be able to get any new credit until you complete the program.

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However, these loans will require good credit history, usually at least a 660 FICO score or higher is required.

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