Credit Counseling – This is not debt settlement. The counseling company works with the debtors to get a lower interest rate. Your credit cards will close, however. The expected timeline to pay off the cards is about 4.5-5 years. You will pay the counseling company and then they pay the credit card company. This is a credit counseling company I recommend: https://christiancreditcounselors.org/
Debt settlement – You stop paying your credit card company and start paying a debt settlement company. They will then work on your behalf to settle with the credit card company. There are risks involved with this type of strategy to getting out of debt. It is a possibility you can get sued. This is not my preferred method of getting out of debt. My preferred method, if you have maxed out or have almost maxed out your credit card(s) I would use the counseling method especially if you are only making the minimum payments on your credit card. Your credit score will be hit. If you plan on buying a house in the next to year or 2, this will effect your ability to get a mortgage.
Bankruptcy – First off your employer will find out because they will garnish your wages. Bankruptcy does goes something to pay the attorney. Obviously your credit score will be hit hard. Speak with a bankruptcy attorney to learn more.
If you are currently paying back your debts, you can feel you are a slave to the lender.
If you can, try not to take on anymore debt. Get on a budget and maybe even use cash to help reduce over spending.
Please reach out if you need help with budgeting or decide which option would be best for you.
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