How to eliminate credit card debt with little credit damage?
I am Emmy, from the state of Ohio. I have a question regarding how best to consolidate/eliminate credit card debt with as little damage as possible to our credit. We need to purchase a larger home, and will possible need to purchase a newer vehicle soon. Currently our credit card debt is almost equal to our combined yearly income. I have transferred balances to get a better rate. Our credit is "good", no major hot spots, except for too many and too high balances. I have tried closing all accounts that we do not use to clean it up. Help! I have wanted to do something to put an end to such situations, but do not know how best to do this as quickly as possible and with as little damage as possible.
RE:
Hi Emmy,
Sorry to hear of your hardship. Yes, it is possible to both eliminate debt and keep good credit. You need to weigh your options and decide which path to take. Here are some of the options.
The best way to clean yourself from debts and at the same time keep your credit score unhampered is debt consolidation. Debt consolidation will assist you with a lower payment scheme and a debt reduction. Debt consolidation can reduce your debt by 40% to 60% and thus reducing your monthly payments. It will also help you reduce your interest rate. A consultant will contact you for a free counseling and negotiate with the creditors on your behalf. You will be helped and given experts view on credit repair and credit score.
On the other hand, filing for bankruptcy will hurt your credit for 10 years and tag you as a bankrupt. Bankruptcy will further not give you the chance to apply for fresh credits until the completion of 3-5 years from the time you have filed bankruptcy.
At this crisis, moment debt consolidation can lead you towards a debt free path, with the minimum of impact on your credit score.
I don't really understand why it's so hard to get out of debit.
I don't really understand why it's so hard to get out of debit. I have tried many things and many methods, the best and simple way is just don't spend more than you can afford to pay.
Dear Quest,
Dear Quest,
I don't really understand why it's so hard to get out of debit. I have tried many things and many methods, the best and simple way is just don't spend more than you can afford to pay.
Thank you for visiting us here at debt consolidation care forum. You are right; it is not easy to be free of debts. Spending is an attitude; at least many of us learnt from the mistakes and could overcome heavy debts. Now you can actually be in charge of your financial life in a secure and comfortable manner.
Sorry that I had deleted the URL of your interest as we do not allow soliciting. You are always welcome to visit us otherwise and do keep writing in sharing your suggestion and feedback.
With regard,
Simon
