Debt Consolidation FAQs

How Long Does Debt Consolidation Take?

The Actual process of setting up debt consolidation by professionals can be as little as a few days. How long it takes to actually pay off the debt depends on how much debt you have, but most people have it paid off in less than 4 years.

How Much Does Debt Consolidation Cost in Hawaii?

The price of consolidation varies depending on several factors such as the company you choose, and the size and complexity of your debt. Most debt consolidation companies work off of a percentage of your debt that is worked into the consolidation.

What Debts Can be Included in Debt Consolidation?

Pretty much any standard debt such as credit cards, personal loans, payday loans, secured loans and other types of debt that can be fully paid off to a lender. Some government debts such as the IRS do not usually take to being made part of a debt consolidation plan.

Will Debt Consolidation Affect My Credit?

If you are in the position to need debt consolidation, your credit has probably already suffered somewhat and the minor changes made by debt consolidation will not have that significant an impact. The agreements made by the debt consolidation company will be notated on your record.

Can I Still Use My Credit Cards After Debt Consolidation?

Probably not. The closing of credit cards involved in a debt consolidation is usually standard policy because the terms on the card will probably have changed, either to a lower interest rate or a lower balance due and continued use of the card would create an opportunity for abuse.

Have you heard myths about debt consolidation? Before making your decision, find out which myths are actually true, and which ones are not.