There are many ways to get rid of your credit card debt. You can use a credit counselor or debt settlement companies or insolvency. Each choice has its advantages and disadvantages.
If you hire a credit counselor will help you assess your financial situation and come up with a plan to repay your debts efficiently. Debt settlement companies will call creditors on your behalf and negotiate to reduce your debt. They will also negotiate to reduce your monthly payments. Bankruptcy obviously helps you get rid of all your debts.
A major problem with credit counseling is that they do not negotiate debt on your behalf. They make you pay your debt by prioritizing. Credit counselors suggest that you pay off small or high-interest debt first and hold on larger or low-interest debt. This can seriously hurt your credit in the short term, because you are not paying certain creditors. Further it will take years to pay off your debts.
Debt settlement companies can also hurt your credit score in the short term. Your creditor reports the discount offered to major credit bureaus as part of the settlement. This debt settlement company a hefty fee for the reduction of the amount of debt you owe to boot. Despite everything, you will still get the credit card balance, you will have to pay each month.
Bankruptcy will get rid of your debts, but it will also seriously damage your credit history. In most cases, the bankruptcy will appear on your credit sheet for about seven years. This is a long time. You still need a lawyer to bankruptcy, it will be an expensive proposition to rent file.
To pay rent debt counselor or debt your debt is not the smartest and most efficient strategy. Filing for bankruptcy is very time consuming, expensive, and they also have long-term sanctions. With each of these strategies, it will take years until you are free of debt and begin to build your credit score again.
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