Hi When you take out a debt consolidation loan and the lender sends cheques to pay off your credit cards?

Question

if you were tempted to use your cards again are they still active

Answer 1

unless the banks have notified you that the card has been cancelled - cos you missed payments, went over etc., the cards are still active. however, remember that it is so easy to fill them to the hilt again. it starts off as oh its just this one thing, its just this emergency, il pay it back on pay day, then its oh and this thing and that thing, oh ill pay a bit now and the rest later and before you know it, your maxed out and taking out a bigger loan.

just be cautious is all x

Answer 2

Unless the credit card companies have told you that they are cancelling the cards, then they will still be active. But be warned, if your debt was spiralling out of control so much that you had to take out a loan to pay it off, is it really worth using them again? This will only led to more debt, which you may not be able to afford! Make sure your loan is from a reputable lender otherwise you may be paying over the odds for interest / charges etc Good Luck

Answer 3

your self, those consolidation places are agencies. All agencies exist to make money. They enable you to already know to end paying the playing cards and particularly pay them, they carry your money. the assumption is that via withholding fee from the banks your playing cards are issued from, the consolidator could make the banks desperate. yet, right this is the project - via no longer PAYING BANKS you have TRASHED YOUR credit. further, the debt consolidator will pocket a component of your money and income interest off of it. WHY PAY a center guy. a million - Your credit gets trashed. So, whether you have paid off the bills - it's going to be on your historic previous for 7 years which you have been no longer able to make money on time. The consolidation agencies very actual forgot to show this of their categorised commercials. 2 - you nonetheless finally end up paying returned all of the debt, often over an prolonged quantity of time. 3 - the employer gets unfastened interest accruals jointly as protecting your cash.

Answer 4

Yes your cards are still active, don't take out these loans they are high interest and generally the debts spiral out of control

Answer 5

yes it is still active and you can use it......but the question is. is it really worth using it? u had to take a loan out to clear it so what is the point to run it up again? do u really want to pay the CC and the Loan?

Answer 6

CUT THEM UP. You don't want to get into the same problems again, so cut them up and eliminate the temptation.