2006-10-23 08:51:17 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
You can (patiently) call all of your creditors yourself and work on getting a reduced interest rate. Call their number, tell them what you would like to do and they should get you to the correct person. It probably will not be done in one phone call so be patient.
Reign in your spending.Then Pay off the smallest bill first, roll that payment to the next on and keep going. Be patient it will take a while.
But getting the interest rate reduced to something reasonable is major. Let them know you are in financial trouble and may have to file bankruptcy. If you are young do not do it, it will be many years before you can buy anything.
Work hard on your spending make sure you have cut up all the credit cards. Do not charge anything else.
Learn to live on what you earn.
2006-10-23 09:05:42 · answer #1 · answered by ? 7 · 1⤊ 0⤋
It can be. Two things: it doesn't help if you aren't going to stop using them; and they can often hurt your credit more than helping. Some places make the payments for you. You send them the payment and they send it to the creditor. If your due date is the 1st, the credit counseling service may not get it to them until after you have accrued a late payment, which will make you owe more in the end. If it is thirty days late, the creditor can report it to the credi bureaus, ending up hurting your credit score. I work in the mortgage business and I see it all the time. If you chose to go to a credit counselor, ask questions about fees they charge and when payments are made to the creditor.
2006-10-23 09:01:16 · answer #2 · answered by melspur82 1 · 0⤊ 0⤋
No. Credit counselors will not solve the problem. The problem is that most people just don't know how to control their money.
Oftentimes, people that do debt consolidation, bankruptcy or credit counseling find themselves back into debt because they haven't addressed the problem.
Scott.....
2006-10-23 08:56:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
good day, I will speak in behalf of my worst credit history, YES darling it is safe and its worth it. Just be careful of course which credit counselling service you worked with. As for me I got credit assistance from the NHBS, Inc, I emailed them and actually their site alone has man substantial information on credit issues. Their articles are very useful. In case you might want to visit its at http://www.newhorizon.org/
I hope you'll get the rifgt CCCservice Team
have a super day!-=)
2006-10-23 09:53:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, but first try immediate family, like a parent, then your actual bank, then if need be a credit councillor.
As you may know, suffocating debt is a horrible thing. Go on you for taking steps to relieve yourself of that burden.
If you do finally get out of debt, trust me, that last payment is better than sex!
2006-10-23 08:59:57 · answer #5 · answered by orangeontherocks 2 · 0⤊ 1⤋
no they just waste time talking about how you can lower your debt by paying more and not using the card. the poor mans credit is all he has.go to lowermybills.com to get results.also look for companies that work with your card company to lower not only your debt but interest rate as well.you cant get out of debt by talking about it.
2006-10-23 08:56:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, they ae not. When new credititors see that on your credit report they turn you down. They look at it like it is a form of bankruptcy.
2006-10-23 09:01:10 · answer #7 · answered by tanyachill 2 · 0⤊ 0⤋
Contact Consumer Credit Counseling...they're non-profit, so they will help you pay down your debt and won't require you to pay a fee.
Good luck!
2006-10-23 08:58:47 · answer #8 · answered by Anonymous · 1⤊ 1⤋