Credit Rating Recovery After Debt Consolidation
When your finances have got out of hand and you've decided to restructure them with a debt consolidation loan, it's usually recommended that you subsequently cancel all of your paid-off credit cards and close off your other lines of credit that have been repaid as part of the consolidation process. The reasoning behind this is that you need to remove the temptation to build up new unsecured debts on top of your new consolidation loan, leaving you in a worse position than ever. This is indeed good advice in general, but you may be surprised to hear that in certain circumstances this might not be the ideal way to proceed. ...
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