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Date: Wed, 05/05/2010 - 05:27
Just my opinion and there are others out there with great ideas;
Just my opinion and there are others out there with great ideas;
You've gotta ask yourself some soul searching questions.
1. Do you just want to manage the debt?
2. Is this a short or long term problem?
3. How did you get into debt, i.e. spending habits, loss of income, etc?
4. How badly do you want out of debt?
After you answer these questions, you can choose the path that's right for you.
Read, read and read these forums.
You can learn a ton of great information from them.
Ask questions, everyone has been there and done that.
I am in no way being judgmental.
The dumbest debtor that I've ever seen is in the mirror each morning.:D
My almighty credit score was in the high 700's with a boatload of cc's.
These cc's had made plenty of money from my stupidity.
With no end in sight, I used the atomic bomb technique & quit paying them altogether.
I settled 7 and paid off 2.
Sure the credit will take a hit but I really don't care.
Do you want to be free of debt, manage debt or own a high credit score?
I chose freedom.
Good Luck, Keep us posted with your progress.
Hi, In terms of consolidation of your debts there are several op
Hi,
In terms of consolidation of your debts there are several options open for you.But before you go ahead ,you need to ask some question to yourself....
1) Are you looking to pay off your debts?
2) Are you only looking to pull down your APR rate?
If you are looking to pay off your debt then I would suggest you to go for debt settlement program,but in this program you will be loosing points on your credit..
Since you have a good credit score of 750,I don't want you take any stupid steps & get screwed with your credit score...That's why I would also tell you that,Debt management program is also open fro you where you can negotiate with your ARP rate to pull it down,where you don't have to compromise on your credit in this program...
So, I would suggest you to do a proper research before taking any steps,keep us updated through this forum about your status...
If you are looking to get these debts consolidated, then you sho
If you are looking to get these debts consolidated, then you should know that Debt Management might be a good option for you as that would have no effect on your credit. But that can only help you to reduce your APR, your principle amount remains unchanged. Debt Settlement on the other hand would have a negative effect on your credit and that can help you to reduce the entire debt amount so that you can see good savings.
Choose the do it yourself method if you have the self disipline!
Choose the do it yourself method if you have the self disipline! Concentrate on paying off the smallest one first! Then use the monthly amount you were paying and add it to the amount on the next largest until that one is done then concentrate on the next largest in the same fashion! And so on! It will take probably two years but you will have them paid off with no hits to your credit score. If you think two years is two long just think how many years it took to get where you are and how fast it went!
Please do not do what JabbaLabba did! That is going to haunt him for years!