Is This The Right Decision For Me?
Date: Fri, 03/28/2008 - 07:29
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!
No doubt that the debt settlement will reduce the financial burd
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.
Hi janiece Are you weighed down with multiple debts? If yes,
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
Yes, it's multiple debts. But I believe I am over-extended on cr
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!