Seek debt consolidation even if payments are not late?
Date: Tue, 11/14/2006 - 21:09
I pay all of my credit cards on time and although my debt is high, my credit score is decent. It just seems that no matter how hard I try, I cannot get out from under my debt. I know I need to be more disciplined in my spending, but I just have trouble doing that. Should I seek help through a debt consoliator (I do not own a home, so an equity loan is not possible), or should I just try to be disciplined and do it on my own? I am mainly concerned about my credit score. Thanks in advance.
Some credit cards will report on your credit report if they are
Some credit cards will report on your credit report if they are part of your debt consolidation program. This may hurt the score, and since that is your main concern....
You might try calling the credit cards, and ask if the have their own in-house payment plans, and do they report it to the bureaus? (I did that with Discover, and they helped me out and even lowered my interest rate, and it did not go on my credit).
Make it a point to evaluate your spending and cut back on some of the things you don't need. Then take some of that extra money and pay it towards your smallest balance; get it paid off, stop using it, and then work on the next one. In time, you might do this on your own, but it does take discipline.
