Looking for help

Welcome to the forums. Since you have registered a debt counselor will be contacting you shortly. Hopefully they can give you some good options for consolidating. Keep us posted on your progress. Best Wishes KYSIDE38 :D :D

How much is your total debt? Since you are taking a debt management program for the first time, give high preference to consolidation rather than debt settlement.

Debt settlement is a good option if you have huge amount of debt. But that is going to lower around 100-150 points in your credit score.

You can combine all the debts under one payment plan in the consolidation program. The interest rates with the creditors will go down and your money will largely go towards the principal amount. Most fees will be waived off in the program.

In some situations, people opt for bankruptcy for killing their debts. No option is bad if you are worried about reducing the existing debts.

It is thought that bankruptcy is the last resort for eliminating debts. Though bankruptcy discharges most of your debts....MOST but not ALL of your debts, but it does leave a negative mark on your report. It stays for around 10 years. debt settlement is considered as a better alternative than bankruptcy, though is is also taken as a dinge on your report but its effects are not that devastating.

Please watch out for spam . . . . The dates on these posts are from 2006 . . . . It's a dead thread. :D