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Posted: Wed Apr 02, 2008 1:05 pm Subject: what will happen to my credit rating?

OK, so I have accumulated a whole lot of credit card debt. BUT- my credit score is good (695). I always pay my bills on time, but it's to the point that I cannot pay more than the minimum, and my interest rates have risen and it's starting to swallow me.

I am looking over debt consolidation and debt settlement. I know that settlement will kill my credit score. How bad will it be and how hard is it to improve your credit rating after a settlement?

Posted: Wed Apr 02, 2008 6:38 pm Subject:

I would say within a few years you could have your credit back on track after a settlement. Although it does damage your credit score I would think that falling behind on your bills would hurt your score far worse. If your credit score is still good than why not consider other credit cards that will offer you 0% balance transfers for 6-12 months. This may allow you to consolidate your payments and pay your balances down faster.

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what will happen to my credit rating?

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