Lowering Debt
Posted on
September 22, 2009
at
2:43 am
What are the elements needed in lowering debt? - Aside from budgeting...
Posted on
September 22, 2009
at
2:45 am
The elements in lowering one's debt depends on what type of debt one has...
Posted on
September 22, 2009
at
2:47 am
I agree with Chairman, if you have unsecured debts like from your credit card bills, lowering your debts may come in the form of negotiation. You can do it yourself - if you're confident enough, or you can ask for professional help.
Posted on
September 22, 2009
at
2:49 am
Lowering debt for the secured kind (loans, etc.) may come in the form of negotiation too, but you may not have the option of getting a professional help - what you may do instead, is file bankruptcy. That is, if you are already facing eviction, foreclosure, repo, and a lawsuit.
Posted on
September 22, 2009
at
2:52 am
Speaking of lowering debts via professional means:For debts below $10,000 but with high interest rates - for consumers who just want to get to the principle amount quicker - they can try credit counseling, and it's Debt Management Plan (DMP)For debts above $10,000 and accounts that are already past due - consumers can try debt settlement.Just remember to choose a credible company to work with.
Posted on
September 22, 2009
at
2:55 am
What is the importance of choosing the right debt relief solution and the right company?Remember that you are lowering your debt..not increasing it. The wrong program and the wrong company could put you in a situation worse than before.
Posted on
September 22, 2009
at
2:57 am
Interesting..And thanks a lot for the replies...Okay, so I have more than $50,000 in unsecured debts (credit cardssss) - which program to choose? Why? How much is it going to cost me? How long would it take to finish the program? What are the risks?
Posted on
September 22, 2009
at
3:05 am
Debt settlement! But wait...are your accounts already past due? If you enroll in their program they are going to ask you to not pay your creditors for a time - because the creditors would not settle if they see that you can pay anyway..What can debt settlement do for you? The topic is lowering debt - Debt settlement may be able to chop your balance to more or less $25,000.
Posted on
September 22, 2009
at
3:07 am
Most of them yes..wait, what? But I don't want to not pay because isn't that going to ruin my credit? I mean my question was just about lowering my debt..and not my credit scores too..
Posted on
September 22, 2009
at
3:12 am
I'll answer that for x and y, Right about now, since you said that your accounts are mostly past due, letting the other accounts go delinquent too is not going to make your credit much worse, over time it would actually get better (if you finish the program successfully) -- here's a breakdown of your credit score, for you to see which components are going to be affected by debt settlement:-35% Payment History - 30% Amount Owed-15% Length of Credit History-10% New Credit-10% Types of Credit UsedA debt settlement appears on the credit report as "settled", "settled for less than the full balance", or "settled in full."
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