Credit

Date: Tue, 01/27/2009 - 09:22

Submitted by anonymous
on Tue, 01/27/2009 - 09:22

Posts: 202330 Credits: [Donate]

Total Replies: 1

My husbabd and I owe apx 26,000.00 in cc debt. We want to find a way to comfortably make payments without paying out more than we bring in a month. If we go into the program would this damage our credit score during or after completion of the program?

well it would depend on what type of program you are looking for

well it would depend on what type of program you are looking for. I am not completely positive to the effects of consolidation companies but if you are sure you can make the payments they arrange for you i dont believe they have much of a negative impact scince you pay back most of it all they really do is negotiate % and fees and work out a payment arrangement with the cc companies. settlement with or without a company will effect your credit score. In my situation it was bad to begin with due to high balances and multiple cards during the program it went down further but after the program was over it went back up again. So it depends on your particular situation if you know you have job security to make the payment arrangements for the long term that may be whats best for you, If your in a crisis situation were you cant pay your bills or something is going to happen(loose job,handicap,or whatever) settlement would be best to get out of that debt and fast. Consolidation takes longer than settlement

lrhall41

Submitted by love_my_things on Tue, 01/27/2009 - 16:29

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