Posted on September 20, 2009 at 10:50 pm
okay, this thread on Debt Consolidation For People With Bad Credit has been quite a help for me, so thanks so much you guys.
I've stopped paying for my loans because I want to consolidate my debt and right now what I want to know is, are there any qualifications for getting into debt consolidation? And isn't debt settlement make my credit be in worse shape than it already is?
Posted on September 21, 2009 at 2:44 am
1. Debt consolidation for people with bad credit does not require any qualifications. Although debt consolidation options work best for consumers with specific financial situations. For example, debt settlement is more advised for debtors with $10k or higher delinquent debts. Credit counseling is the more applicable option for debtors with a lower debt amount.
2. Debt settlement will not make your credit go worse. The fact that your debts are already deliquent means that they are currently in bad shape--a debt settlement will reflect on your report as "settled" and nothing more. Besides, it is a more fitting alternative to bankruptcy, which has more disastrous effects on your credit.