Archive for January 2010
IMF Approves $1.2 Billion in Debt Relief for Haiti
The IMF has granted Haiti $1.2 billion in debt relief, freeing up money for the government to spend on health, education, and fighting poverty.
Duration : 0:4:28
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Will a debt management plan affect your credit report and score?
If you enter a debt management plan with a bank that you have credit card debt with, will it affect your credit report and credit score?
If you are considering a debt management plan, make sure you use an NFCC member. These are legit, non-profit companies that offer debt management programs for a nominal fee. http://www.nfcc.org/.
While in a debt management program, it is noted on your credit report and will adversely affect your credit. However, once you complete the program, that notation is removed and you will have decent credit.
Frankly, if your financial situation is so bad that you need a debt management program to deal with your debts, you are in no position to take on any new credit. Better to stop obsessing over your score and concentrate on ways to pay off the debt faster.
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How do debt management companies help?
I’m currently in a situation where I’ve collected more Debt than I can manage and the interest payments are staggering.
Besides telling me how I can better spend my money, I’m wondering how a debt management company could help me?
I own a house. Would they somehow tie the Debt into my mortgage payments?
Basically – what can they do for me that the bank can’t?
Boss – why not spam less serious questions?
They don’t help in the long run. They claim to consolidate your debt, and make monthly payments to all of your creditors. The problem with that is it hurts your score even more b/c it shows that you aren’t responsible enough to manage your debt.
Some companies don’t make the scheduled payments they promise they will. Leaving you the consumer in even more trouble. I worked with the Dept of Financial Regulation in MD for 2yrs. We received numerous complaints about the practices of some of these compaines.
If you can make arrangements with you creditors on your own and arrange for monthly payments that you know you can afford, that would be your best option. You are paying them to do what you can already do for yourself.
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Debt 1 Options – Debt Relief & Credit Repair
http://debt1options.com provide debt relief and Credit repair services to people that want to get out of debt and repair their credit.
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