Does a Credit Card Debt Consolidation Company Keep Some Cards?
A credit card debt consolidation company will not keep your credit cards from you, but typically if you are interested in a consolidation company to solve the debts on your credit cards then you would be presumably in debt with a credit card company or multiple credit card companies.
A credit card debt consolidator will take your debts from one or more credit card companies, and pay them off by requiring you to sign over an asset of equal value to your debt, they will then use the value to pay off the companies and form a monthly plan with you to pay off that debt over a period of consecutive months.
This helps you by eliminating the high hidden fees, and late fees involved in using credit card companies, along with the additional monthly fee to keep the card active.
Which can create havoc on your total debt especially when you owe money to more than one company? With a company working to solve your money owing problems through consolidation you will only have one company you are owing money too saving you from all of the buildup.
Thus helping you get out of debt and fixing your credit as long as you stick to the plan discussed between you and the consolidator.
The reason you may think they take your cards even though they don't, is because usually in making the plan between you and the consolidation company work, you will need to keep yourself from getting more debt while paying off the consolidation company.
This includes using your credit cards.
So the consolidator will advise you not to use them.
Unless you want to go right back into the same debt you were in before on top of your debt to the consolidation company.
So as long as you keep you're spending at a responsible level while paying off the consolidator.
You will not run into any debts and will get out of financial trouble.
It is only a matter of self control.
A credit card debt consolidator will take your debts from one or more credit card companies, and pay them off by requiring you to sign over an asset of equal value to your debt, they will then use the value to pay off the companies and form a monthly plan with you to pay off that debt over a period of consecutive months.
This helps you by eliminating the high hidden fees, and late fees involved in using credit card companies, along with the additional monthly fee to keep the card active.
Which can create havoc on your total debt especially when you owe money to more than one company? With a company working to solve your money owing problems through consolidation you will only have one company you are owing money too saving you from all of the buildup.
Thus helping you get out of debt and fixing your credit as long as you stick to the plan discussed between you and the consolidator.
The reason you may think they take your cards even though they don't, is because usually in making the plan between you and the consolidation company work, you will need to keep yourself from getting more debt while paying off the consolidation company.
This includes using your credit cards.
So the consolidator will advise you not to use them.
Unless you want to go right back into the same debt you were in before on top of your debt to the consolidation company.
So as long as you keep you're spending at a responsible level while paying off the consolidator.
You will not run into any debts and will get out of financial trouble.
It is only a matter of self control.
Source...