Posted on
July 30, 2009
at
9:44 pm
I am interested in credit counseling service and I want to know if it can do me any good, or if it will bring me further harm. What are the advantages and disadvantages of credit counseling?
Posted on
July 30, 2009
at
10:55 pm
I know from my personal experience it is good.It will help you in the long run but be careful though.Make sure they are a reliable company.Check with Better Business Bureau
Posted on
July 30, 2009
at
11:10 pm
Could you share me your experience with them? How much did you pay the company on each monthly payment that you did?Also how does being in a credit counseling program affect my credit report?
Posted on
July 31, 2009
at
2:15 am
To answer the query of "credit consolidation good or bad...One advantage is making one monthly payment to all your creditors, which means more convenience on making payments each month.One disadvantage is not being able to stop all creditor or collector calls--they will after all insist on you still making payments with them.
Posted on
August 3, 2009
at
12:13 am
Is credit counseling good or bad? I guess it depends on your current financial situation. If you owe an amount below $10k, cannot make even the minimum payments on your bills, and are having difficulty paying off your debts due to high interest rates, then credit counseling may work to your advantage.
Posted on
August 9, 2009
at
9:52 am
Credit counseling: good or bad? Good- if you know for a fact you can make monthly payments for 5 years. You must remain current throughout a debt management program, and if you do not it is likely that your creditors will discontinue working with the credit counseling agency. That would put you right back where you started.
Posted on
August 10, 2009
at
1:10 am
How will credit counseling appear on my credit report? I want to know if it would be a good thing or a bad thing. I am considering credit counseling as a debt consolidation means and I am wondering if this will work for me.
Posted on
August 10, 2009
at
4:35 am
Being enrolled in a debt management program will appear as such on your credit report. And don't worry, it doesn't really do anything drastic to your credit score. Fittingly, it will go away once you've completed the program.
Posted on
August 10, 2009
at
4:45 am
Keep in mind though that future creditors may take it either negatively or positively. On the negative spectrum, they may see that you have more debt than you can handle, and immediately dismiss you as being unable to keep with your commitments to paying off your debts. On the other hand, other creditors may take it as a good sign that you are indeed making ways to clear your debts, and they can still approve of your future application once you're on a DMP.
Posted on
August 10, 2009
at
6:45 am
Good point Karess. One thing to keep in mind in regards to the original issue, credit counseling: good or bad? is the fact that lenders often view a DMP in the same light as a Chapter 13 bankruptcy. This is the result of the fact that both repayment structures are nearly identical. So, many consumers who are on a DMP have a tough time getting approved for any credit at all until they have completed the program or dropped out for any number of circumstances.
