Get Out Of Debt Secrets
Posted on
May 17, 2010
at
12:32 am
Hi what are the real get out of debt secrets?
Posted on
May 17, 2010
at
12:44 am
Hi what are the real get out of debt secrets?-- hey there! The real debt secrets ... are actually not so secret Que Zo, that is just one of those "lines", marketing lines that is, to get consumers to notice ... whatever it is that they're selling. Debt reduction or debt relief, the success of which depends on several factors... and mostly, personal factors. So how can they claim to help you without having assessed your situation yet right?
Posted on
May 17, 2010
at
2:43 am
I agree beware of those get out of debt secrets entities ... if you need to be counseled (credit counseling) it is possible and free, and most debt relief groups offer those, before signing you into their program. Signing into debt relief program, remember, is an option. You have every right to consider the situation first, talk to other companies, and then decide later.
Posted on
May 17, 2010
at
2:52 am
Are you perhaps referring to that Christian authored book - Secret for Getting Out of Debt? Anyway, I agree with what they've said. Not that there's no truth to whatever it is that they're claiming, but any get out of debt scheme would not work out if it's not tailor-made for your situation. Two ways of getting out of debt - d.i.y. or professional debt settlement. If you are doing diy, yes you may purchase self-help books like the one mentioned above or by debt gurus like Suze Orman, Dave Ramsey, and company, ... but you may also avail of those methods - just worded differently FOR FREE, here http://settleonyourown.com/
Posted on
May 17, 2010
at
4:13 am
I;ve always been skeptical about "get ouf of debt secrets" lines and so I'd rather look into the not secret ways of getting out of debt. There are two ways to which, one is credit counseling, the other is debt settlement. Both programs can be done either diy or professionally. The question now is what are the differences between the two programs and which one is the right one for your situation.
Posted on
May 17, 2010
at
4:21 am
The difference between the two progams - credit counseling deals with your interest rates. To sign up for the Debt Management Plan one's accounts must be current. While debt settlement deals with the entire balance not just the interest rates. One of its qualifications is for the accounts to be past due, as original creditors are not very friendly with settling for less than the full amount, and that the balance is relatively high, $10k and above.
Posted on
May 17, 2010
at
4:23 am
Thanks! This is information overload! But thank you - one more question though, what is the effect of credit counseling and debt settlement on my credit? And if ever i do it professionally, how much would it cost? How long?
Posted on
May 17, 2010
at
4:25 am
Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee.Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.Credit counseling appears on your report for as long as you're in the program and that's it. Ifnot, you can have it removed. As for debt settlement, it stays on your report for 7 years...that one, you can't challenge.
Posted on
May 17, 2010
at
4:28 am
As for how long the programs are going to last? Credit counseling debt management plan runs for 3-5 years. The consumer must have a steady stream of income to avoid skipping payments. The consequence of skipping is a bit drastic as the agency can drop the consumer from the program just like that. As for debt settlement, the program can run for 3 years or even less. To address the concern about its effect on the credit... it's still much better than if the consumer filed bankruptcy. Debt settlement doesn't register on public records at all, and bankruptcy does, for 20 years.
|
