Superior Debt Reduction
Date: Wed, 06/21/2006 - 08:33
I have looked at their site and they also sent me some info via email. They do debt settlement, not consolidation, and state that consolidation companies aren't working for you, they're all about lining their pockets with your money and helping the creditors out. The site also states that these consolidation companies drag out a repayment plan so they can make more money off of you.
I want to choose the option that will not hurt my credit in the long-term, as I've only got late payments on my reports at this time, no charge-offs, bankruptcy or anything like that.
I'm looking at trying to clear roughly $24,000, what do you all recommend? I would be able to start chipping away at this debt if it weren't for the payday loans I have. If I could just clear them, I wouldn't be doing too bad. But once I've had their fees deducted twice a month and paid the few non credit related bills I can with what is left, I don't have anything to pay towards my credit cards/loans.
What do you all suggest is the best course of action? I've already screwed up enough, the next choice I make needs to be an intelligent well-though out one.
Thanks you all so much for the great advice so far.
Tiffany
Analyze your present financial situation as well as for the futu
Analyze your present financial situation as well as for the future. You have to decide which is the best option for you. $24,000 is quite a large amount of debt. A debt settlement program will reduce the debt to half of the total. If I had been in your shoes facing financial crisis, I would have taken a settlement program rather than a consolidation program. Consolidation is a better plan that waives off the late payment fees and reduces the interest rates. But it doesn't reduce the total amount as much as a settlement program can do. Every person has his own unique situation. So, you will have to decide which one is suitable for you.
Settlement program does hurt your credit for a while but if your accounts are shown as paid off with a good payment history, future creditors will overlook this plan. Their main concern before lending credit is that you should not sound to be a serious threat to their finance. It is only possible if you have your past debt accounts paid with your creditors, irrespective of the program opted.
