Has anyone here survived at Debt Settlement program?
Date: Fri, 05/12/2006 - 05:37
My parents bankrupted in the year 2000. The day after it was final they received credit card aps and reapplied and got one. I was told that credit card companies and other lenders will look at your credit report as a hard lesson learned and will assume that you will not get back into the same boat. I however will NEVER get another one, besides the one that I have already. My parents went and got a new vehicle after bankruptcy, they paid 1200.00 up front and got one with a little higher interest rate. I have been told that debt settlement is way better than bankruptcy and that I won't have as much trouble as my parents (whom seemed to not have any trouble at all)
I figure that when I complete the program that I will deposit that money monthly into a savings acct and use that like a credit card.....for emergency. That is one of the requirements upon completion of program that you start saving money.
lj, your plan is very solid and will serve you well.
lj, your plan is very solid and will serve you well.
Hi ljclark1We all are fighting with our debt problems and ou
Hi ljclark1
We all are fighting with our debt problems and our prime concern should be to become debt free. Some of us have a huge debt amount while others have fairly low debt. We have to understand our financial situation first and tailor out the best debt management program. Although consolidation is preferably chosen than settlement, some people even opt for bankruptcy in becoming debt free.
Settlement and bankruptcy hurt the credit for a period of seven and ten years respectively. The lenders look into the past payment history and the number of accounts used by you. These factors are more important before extending new credit.
Even if a bankruptcy is filed or a settlement program is chosen, a person having a regular payment record with the lenders shows his responsibility towards paying the accounts. The rates of interests might be higher in comparison with those who have opted for consolidation.
Your main objective is to become debt free even if it is achieved by using any debt management program. Regular payments to your lenders will show your good faith and it will put you in a comfortable side.
