Question
Care one credit counciling, I know it hurts your credit but how bad?
I have around a 600 score and I have lost some income so it may go down more in the future. I am considering this option but I want to know the consequences. I have three or four cards that are paid off so i am not worried about getting more credit. what exactly do they do and is this an option. I have around 15000 in unsecured debt. And before you start making rude comments I could afford the payments when I got them, I have never been late and I am worried because of loosing the income
2 months ago - 1 answers
Best Answer
Chosen by Asker
First, these companies usually slow pay or withhold payment so that they can renegotiate the amounts lower. Second, they will charge you a fee to do this while your credit score goes down even further. Third, even if they do pay your bills on time, they freeze your ability to get new credit until you are off of their program. A good, reliable credit counseling program hurts less than a bankruptcy in the long term, but over the short term is worse. If you can still make all of your payments and reduce other wants such as cable, an expensive phone plan, and other things you should be able to handle all of your bills with a reduction in income.
by andy
2 months ago
Asker's Rating: 