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Obviously, besides paying it off. Right now my credit score is very good, but my debt to income ratio is baaad. I am juggling - using credit cards to pay for stuff since i don't have enough cash, then only pay the minimum payment on the credit cards. At this rate I will never get ahead, but I dont have bad credit YET and don't want it (no one does). I have 26k in credit card alone, plus a home and student loans. I'm having a hard time finding straight answers about whether debt settlement is permanently credit wrecking and by how much. Anyone have any real experience with it or other options? I AM NOT INTERESTED Oklahoma DAVE RAMSEY
Before you get involved in debt settlement call Consumer Credit Counseling Services at 1-800-388-2227 they are the largest and oldest credit counseling service in the Country and are non-profit. They have offices in most all major cities and can also be reached at www.nfcc.org. They will work with your creditors and lower both your interest rates and your monthly payments. I used them several years ago and within 36-months I was not only debt free but my credit had actually gotten better since everyone had been paid.
The short answer to your question is No. Either you pay them the full balance or you don't. The only thing that you can or may want to do is contact a credit counseling agency (go to www.nfcc.org) who can get you reduced rate payment plans. Next, stop using your credit cards. Stop spending money you don't have. Other than credit counseling, which will hurt your credit as the accounts are all immediately closed, you can try and settle your debts, but DO NOT USE A DEBT SETTLEMENT COMPANY. Debt settlement companies will trash your credit and you will, most likely, get sued. Anybody can settle their debts on their own for 30-50% of the balance owed. However, this would be possible once you are 30-60 days past due. For a quick and easy guide on how to settle your debts yourself, go to www.debtfreefather.blogspot.com
Sorry to hear about your situation. Debt settlement is an alternative to bankruptcy. They both will ruin your credit for a number of years. But the question is would you rather have a good credit score or be out of debt? You already have a home which is the main reason why people worry about having a good credit score. You can learn how to do it yourself debt settlement and avoid debt settlement company fees and scams. You can then eliminate your debt in 12 to 24 months negotiating with your creditors. That is if you can handle all the annoying debt collection calls. Good luck to you.
Debt settlement will not permanently wreck your credit. But, in order to get to the point where a company will be willing to speak w/ you about debt settlement you have to be many months behind on your payments. Contact your debtors and ask if there's anything they can do to lower your interest rates, the longer you've made on time payment's the more of a leg you have to stand on. Get a 2nd or 3rd job if needed, lower all of your expenses, go down to the very basic cell phone plan and cable plan. Be super frugal, it's really the only way to accomplish your goals.
There is no way like that. Having high balances on your credit cards and paying only minimum payments is not good credit. Even if you're not paying late or over your limits. Debt settlement will probably do some damage to your credit record, but not worse than getting farther over your head than you are will.
Your credit will never be permanently screwed. You will bounce back. In the meantime, try not to spend so much. Why don't you like Dave Ramsey? Is it because he tells people to work more and spend less? Debt settlement is better than bankruptcy, which you are headed for.
Did you try calling and talking to your credit card companies and explaining that you need to have lower interest rates and to see how you can work out smaller payments so you can not damage your credit rating? They know this time the economy is bad and I know a lot of people that call can usually work something out as companies don't want to lose that business or money. You can try....it doesn't hurt. They will at least respect you for trying and you will have known you tried.
You have to spend less than you make first off. There is nothing you can do about student loans. The only way out of your mortgage is foreclosure, which will kill your credit. If you cannot afford all of your payments and "get ahead" then you need to figure out how to increase your income or lower your expenses. Do you have a lot of equity in your home? If so, you could sell it and buy something cheaper or rent until you get on your feet again. If you have non-necessities, then you should cancel them. Get rid of the phone, the internet, the cable, going out to eat, etc. Pay off the card with the highest interest rate first, while paying the minimum for the others. Then, when that's paid off switch to the one with the next highest interest rate and keep paying what you were on the first card. To increase your income you could take on a second job and apply all that money towards your debt.
Your story is the archtypical modern American economic model. You're spending more than you should and thinking that someday you will get those debts paid off. You might want to re-check your credit score, since it's probably not nearly as "good" as you think. Unless you earn well over $100K per year, that level of credit card debt is crippling.