Advise
Date: Sat, 08/14/2010 - 13:32
I am concerned as to how a debt management consolidation would affect my credit rating. And, if in fact, it will hurt my rating how long before I recover. My middle score with the 3 agencies is 718. I am unemployed and I am unable to get new credit due to income to debt ratio. I am 65 and I have credit card debt of approx. $27,000.00. I have been able to maintain the payments by digging into an annuity which will end soon and is all I have. I lost a very large sum of money in the spring of 2008. Seems pretty hopeless but the answer is out there somewhere. What you suggest?
In a debt management program, you write a monthly check to the c
In a debt management program, you write a monthly check to the credit counseling agency and the agency will distribute it to your creditors. It will last for 3 to 4 years. A comment stating that you're paying an account through a credit counseling agency will appear on your credit report and will be there till the account is fully paid. This comment won't hurt your credit score in the least.
But remember that if you miss even a single payment, the program
But remember that if you miss even a single payment, the program might severely affect your score. Moreover, you should closely monitor the program to make sure that your payments reach your creditors within the stipulated time.