Debt Consolidation Homepage

Question: I am considering a debt consolidation loan and 1 credit card co. will not participate.?

(Posted by: dennis d on 2010-07-05 05:49:10)

Will they try and cancel my card or demand early payment? I have had their card for 25 years and have never been late with a payment. The co. is Amex

Posted by: Ralph T on 2010-07-05, 06:04:11

They are not required to participate since the intent of a debt consolidation loan is to pay off debts. You can use the loan to pay off all the other credit cards and reduce the balance on Amex. You can also pay off all the credit cards and close those that you do not want to keep. You can keep the Amex card after you pay it off and only charge a small amount that you can handle to keep it active. A card with a 25 year history is supposed to be good for your credit report history.

Posted by: Caveat Emptor on 2010-07-05, 07:22:38

Creditors are not required to agree to debt settlement or consolidation programs.