I'm in the Army and I'm looking to reduce my monthly payments on my credit debts. I have a debt with Chase for about $5000, a Lending tree debt of about $30,000 and a debt of about $20,000 with my bank Security Service Federal Credit Union. Can I reduce my debt and reduce my monthly payments in the process without damaging my credit for the future?
Another option I would suggest to you is to opt for a debt consolidation loan. Essentially, you need to take another loan from a lender that pays all of your existing debts in full. Only then those debts will be listed as “Paid in Full” on your credit report and will not hurt your credit score.
This type of debt consolidation loan will lower your monthly payments into a single payment per month. It may also reduce interest-rates but probably have longer repayment terms.
Hope that helps.
Sub: #1 posted on Fri, 03/17/2017 - 07:10
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