If you use a company to help manage your credit card debt and lower payments, will your credit be hurt?
I am talking about those companies that say they can help work out repayment plans with lower interest rates and monthly payments.
not sure, if you have time here’s a lot of types of cards and more:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if it helps please remember me 
good luck!
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Absolutely! I did it 3 years ago and I am still under their plan and I can’t finance anything!!!!!
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your credit will take a hit but it’s better than having massive c/c debt or having to declare bankruptcy. both will kill yor credit for about 7 years.
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There are two types… those that are debt settlement companies that charge YOU big money to get settlements and legitimate non-profit agencies that help you set up a debt repayment plan. Your credit will be "hurt" by either method but then again you wouldn’t go to one if you didn’t have credit problems in the first place. What you want is a legitimate non-profit agency like Consumer Credit Counseling Services. Please do not even consider applying for anything online. There are so many scams that want your banking information and social security numbers. Be very careful.
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I don’t think it will hurt your credit . Just call one up and ask them They would know.
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It depends. If you have good credit and do not really need a debt management plan, then it would hurt your credit.
If you find yourself unable to make any headway on repayment or are in danger of falling behind, then it will slowly help improve your credit over time.
Speaking with a financial counselor could help you see what your situation is by examining your budget and net worth. Try finding an agency nearby that has no consultation fee. We charge nothing, and there are other agencies like us throughout the country. Also, make sure they have a satisfactory rating with the Better Business Bureau.
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http://www.managedebttoday.com/rebuild_credit.htm
Dear Fisher:
When those companies lower your debt, they usually negotiate for you to pay off a lesser amount than you actually owe. That will get noted on your credit report as a balance that settled for less than the full amount. That’s a big credit score dropper.
However, if you are truly suffering from a staggering amount of debt, then these companies can help you from destroying your credit further. I am sorry to say that there are no quick fixes for this type of situation. If you own a home, you may want to consider refinancing. A debt consolidation loan may lower the interest and spread out your payments.
I hope this answers your questions. If not, please contact me at amkornele@yahoo.com.
Anne
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I am a Home Loan Consultant.
it will be all over your credit report and not in a good way. you can do anything they can do. you just need to put some research and time into it.
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Yes.
Consider calling your cards yourself, telling them the highest you can pay each month, and asking for some assistance at getting your CC’s under control. They’ll help you, if its a good company– discover will credit you late/overlimit fees and cut your rates…its awesome. So try that first, and use the counseling places as a last resort.
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They are going to act as a referree and get your payments reduced and your interest reduced. Then they will manage your money, entirely, not just your debt, until it is paid off. It is nothing that you cannot do on your own. Swallow your pride, if that bothers you, and call the companies and tell them that you want to pay, but cannot pay at the current rate. Can they renogiate? A lot of them will ( Sears, Penneys, Amex, Exxon) rather then have you go chapter 11, which is really all those companies are. You credit will be hurt, and hurt bad by one of those companies. First because the lender had to reduce his interest which makes you a bad debt, second, the company is going to take their fees before your payments are made. If there is not enough to make the payments, after their fees are taken, you will be in the same boat as before. They may not even give you your allowance. They are going to make you send them your check, in whole, from which they will give you an allowance.
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Personal experience dealing with bankruptcies and debt counselling.
not sure, if you have time here’s a lot of types of cards and more:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if it helps please remember me
good luck!
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Three Suggestions 1) Consolidate your debts 2) File bankruptcy (bankruptcy is not advised for all cases) 3) Contact a credit counselor:
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html
Credit Counseling Programs
http://www.complete-debt-info.com/category/Credit-Counseling-Programs.html
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