subject: Legally eliminate Credit Card Debt - What the Experts Don't Tell You About Debt [print this page] Legally eliminate Credit Card Debt - What the Experts Don't Tell You About Debt
What are concerns people may have regarding debt settlement and the consequences those who follow this path may face? if you've been paying your bills on time for several years and you decide to enter into a debt settlement program, your credit score will be negatively impacted, but only until you start to reduce and pay off the debt.
It makes no sense, but creditors aren't interested in negotiating your debt (or even willing to work with you) until you're several months delinquent, which will obviously have an affect on your credit score. But, there's a very good chance that your credit score isn't as high as you may think it is if you're carrying high balances, or have had even one late payment and you should be more concerned with legally eliminating credit card debt forst.
Let's be optimistic and assume your current credit score is 675. Let's also be realistic and take a serious look at why you're considering debt settlement; it's probably because your monthly credit card bills are increasingly becoming a burden and it's difficult to make it through each month with your head above water. If this is the case, how is having a decent credit score beneficial?
The main benefit of having a good credit score is to obtain credit. Do you really want or need more of that? Probably not. So, if your credit score is reduced for 2 months, big deal, right? This option is much better than your alternative, which is being strapped with debt and high monthly payments for the next several years. legally eliminate your credit card debt and worry about your credit score later
It's so important to take a good look at the larger picture so that you can clearly understand all of your options and how they affect your overall finances in the long run. Picture yourself five years from now; you can either be free of debt and living comfortably, or you can be exactly where you are right at this very moment - still owing thousand dollars to your creditors when you could easily eliminate credit card debt. Do not let this be you. Click here to get out of debt now.
