2006-10-09 12:01:54 · 5 answers · asked by that guy 2 in Business & Finance ➔ Credit
No. Consolidation is to aimed at helping individuals with different debts to pay while providing a more efficient interest rate but you still have to pay all the debts back. It is far different from declaring brankruptcy.
More info:
http://www.freewebs.com/infosource100
2006-10-09 12:08:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No. You consolidate debt by getting it all in one place with, hopefully, a better interest rate and only one payment. When filing bankruptcy you are seeking protection from your creditors.
2006-10-09 19:08:16 · answer #2 · answered by rhymingron 6 · 0⤊ 0⤋
In bankruptcy your debt no longer exists.
2006-10-09 19:38:21 · answer #3 · answered by JDJ 2 · 1⤊ 0⤋
No
Many folks will take out a personal loan or home equity loan to pay off higher rate credit cards and such. Surfing those credit cards is very wise.
If you are talking about using one of those third party sources (consumer credit etc.) then I've heard it CAN ding your credit up a bit.
2006-10-09 19:09:24 · answer #4 · answered by derek 4 · 0⤊ 0⤋
No. BK is when you discharge debt.
2006-10-09 19:09:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋