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A finance company gave me checks to pay off my credit cards. The checks said pay off and the amount owed. I checked one creditor online to see if it had gotten there yet and it had been paid just over the amount due as I had sent a payment just before. but it also had an amount due. Due I need to cancel this card myself? should I? or should i leave it and try to use it to get my credit score better?

3 Thoughts on Does debt consolidation cancel your bills?
  1. Reply
    seashell
    July 3, 2011 at 6:43 am

    On so many levels consolidating debt is such a bad idea. I believe I’m still paying for a car (that I no longer own) that was purchased 15 years ago. Also, a camper frig, a retractable canopy, a vacation that I don’t even remember etc. etc.

  2. Reply
    collctor2
    July 3, 2011 at 6:52 am

    normally when you turn your debts over to debt consolidation, the credit card will be closed. Dont use it. Call the credit card company and see if payment was received and if there is now a credit, since you over paid. Then you can ask if the card is open or not.

  3. Reply
    lb_centaur
    July 3, 2011 at 7:28 am

    Don’t do it!

    Debt consolidation firms are not in business to HELP YOU. They make a huge commission selling a service of little value and you usually end up paying a lot more in the long term.

    Manage your credit wisely, pay down your debts as quickly as possible, and you will be on the road to financial freedom.

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