Do You Think Credit Counseling Is A Good Idea?
Posted on
June 28, 2009
at
11:22 pm
or are there any other options i should consider for my debts to be taken care of? enlighten please. thanks
Posted on
June 29, 2009
at
1:36 am
Credit counseling is a good idea if you're having difficulty with creating a workable budget for yourself. If you enroll in a credit counseling agency, you'll be given tips on handling money and debts. A certified counselor will also guide you in making a realistic and feasible budget, and you can also avail of free material on these topics, as well as free workshops and seminars on these topics.
Posted on
June 29, 2009
at
1:47 am
Overall, I should think so. It would educate you on the alternatives to bankruptcy and/or it might save you from them and from bankruptcy too. Are you asking because you are in a financial trouble? Credit card debt perhaps? If you are uncomfortable disclosing those information on the threads, fill out one of those forms that you see around and speak with a debt consultant. It is for free.
Posted on
June 29, 2009
at
2:49 am
thank you. right now i am in $66,000 in debt, in my unsecured debts that is. i have fallen behind on my house payments also. i have recently gone thru a divorce and i hope to receive support from my former spouse. it hasn't been so easy, really, and i want to get out of this thing fast......what are my other options right now? loved ones have recommended bankruptcy, do you think i should go for it?
Posted on
June 29, 2009
at
4:18 am
Awake My Beloved, I'm really sorry to hear about your current situation. What I would personally advise you to do is prioritize your house payments. Depending on your lender, you may be at risk for foreclosure the moment you fall behind on payment. You may try selling some assets (aside from your house, of course), or borrow against your 401(k) to get your mortgage current. You can also try speaking with your mortgage lender to see if you can be able to be set up on a payment plan that can work for the both of you.You may do either do debt consolidation, that is, credit counseling, debt settlement, or a debt consolidation loan for the $66k debt, but you may not consolidate your mortgage.
Posted on
June 29, 2009
at
5:11 am
With that amount of unsecured debt it's not such a good idea to go thru counseling. It may take you forever to get it paid off. Debt settlement would be a more viable option for you. It would allow you to pay only 40 to 60% of your current loan amount, for a period of 24-48 months. Bankruptcy may eliminate your loans totally but it has long-term effects on your credit report. A Chapter 7 filing will remain on your file for ten years; seven years, on the other hand, for a Chapter 13 filing.
Posted on
July 7, 2009
at
5:09 am
not to mention that bankruptcy will remain on your public records for twenty years, and that it may prove to forever tarnish your credit report.... most lenders are pretty wary in terms of granting credit to prospective clients who've filed for bankruptcy previously
Posted on
July 17, 2009
at
1:56 am
I don't think credit counseling would be such a good idea for you given that you have such a huge amount of unsecured debt, which is $66k. Debt management programs offered by credit counselors entail the customer to make minimal payments each month and the programs last for as much as five years. It may take you longer than five years to pay off that loan if you decide to go thru with counseling
Posted on
July 17, 2009
at
2:28 am
I agree. Ideally, credit counseling works best for consumers who have very little debt amounts (under $10k) and are having difficulty in making payments due to high interest rates.
Posted on
July 17, 2009
at
4:25 am
I've heard about balance transfers, can that work for me too?
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