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 Posted: Fri Mar 28, 2008 7:29 am Subject: Is This The Right Decision For Me? |
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Do to my father's illness I had to move from Philadelphia to Cleveland to aid in his care. While living in Philly I was comfortably able to pay my creditors on a regular basis, including more than the minimum amount. Since moving to Cleveland however the job market is practically nonexistent and I am making quite a bit less than I had before the move.
Although I am 'just' making my monthly credit payments and maintaining my credit score of 705, it is all I can afford. My living situation is about to change and I absolutely can not afford rent, utilities or other necessities as long as these credit debts are weighing me down.
Is a debt settlement even an option for me as long as I have made my payments on time? If not, what are my options? Help!
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janiece
Joined: 28 Mar 2008
Posts: 7
Debtcc Points: 251
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| Posted: Fri Mar 28, 2008 11:07 pm Subject: |
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No doubt that the debt settlement will reduce the financial burden on you, but it may affect your otherwise great credit score as well.
The lenders may allow you to settle the debts to avoid delinquency on the accounts but they will also report it to the bureaus as 'debt settled at a lower amount'. And it'll keep appearing on your report for quite a while.
Just be patient, I am sure that you're gonna hear lot more great suggestions form the members here.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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| Posted: Fri Mar 28, 2008 11:44 pm Subject: |
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Hi janiece
Are you weighed down with multiple debts? If yes, then consider debt consolidation. With the help of debt consolidation you can get a lower monthly payment with a reduced interest rate.
Nelly
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goodnelly
Debt Samaritan
Joined: 20 Jun 2007
Posts: 632
Debtcc Points: 8486
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| Posted: Sat Mar 29, 2008 5:40 am Subject: |
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Yes, it's multiple debts. But I believe I am over-extended on credit and my income isn't enough to qualify me for a debt consolidation. I am making over 16,000 less a year than I was in Philly and have aquired more debt since moving here.
I worked hard after a divorce 10 years ago to get my credit rating back up and I hate to ruin it now, but I'm afraid if something doesn't give soon I will anyway.
I feel like I am being sucked under!
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janiece
Joined: 28 Mar 2008
Posts: 7
Debtcc Points: 251
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