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Debt Reduction-Consolidation Etc.
Hi,
I am sinking fast with all my credit card bills, bankrupcy is not an option. I have been asking around, and looking for a company that is completely legit in regards to debt reduction and re-negotiation. However, as of now I am still making the payments on time and have good credit. But as my savings is depleted, I can't keep that up. I have heard that going through a company like this will leave a bad mark on ones credit score, almost the same as bankrupcy. Does anyone have experience with this? and if so please share.
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Maybe give some free advice about: Personal Finance?
DO NOT GO TO THE DEBT CONSOLIDATION!!!
I did it. It does go on your credit report and besides they get money out of you too. I paid them more than 10%, i totally got ripped off. I paid monhtly stuff I never even heard until the money was gone. You pay them to send the money everywhere. Some will not even do it if your not behind on payments. If your having trouble I would go to a personal bank and try for a loan. You probably need colateral to get it but it will be worth it!!
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If you have good credit, have you considered taking a loan from your bank? At least it's a trustworthy institution, they know you well, your standing is good with them, so they might be able to give you enough to cover a good amount of your debt. Ask them too how it will affect your credit. But, as long as you give more than the minimum payment every month, you might be good. I've considered the same thing lately after having my own debt issues.
Best of luck and I hope I could be of some help.
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