Thursday, April 15, 2010

Link to a forum : "Consumer Credit Counseling etc."

Last post: Feb 23 2010
(more than 26 replies)

Opening post of this forum :
"Hi ,

I'm not saying I'm going to do this, but it never hurts to consider options. Does anyone know anything about debt consolidation, consumer credit counseling, bankruptcy, and similar such programs?

DR says they are a bad idea b/c they will destroy your credit. But, I'm starting to wonder if it might be the only realistic option for us. Ironically, one reason we were able to take on so much debt is because of our good credit. Somehow we always manage to make the minimum payments and make them on time. However, if we were to move I doubt if we could get another mortgage or even qualify for a rental property because our debt to income ratio is terrible with a capital T. And I know of others who have declared bankruptcy or done some type of debt consolidation and they survived and were better off in the long run.

If the farm sells the situation will change considerably but who knows when that will happen.

Given the poor economy I don't see our income going up significantly any time in the near future. At the rate we're going we will literally have this consumer debt for the rest of our lives.

Does anyone have any ideas? "
Posted by at 12:32 PM
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2 comments:

  1. I have worked in both the debt settlement and credit counseling. One major difference is that in credit counseling since it's an actual program designed and agreed to by the credit card companies there is no way you can get sued. They simply lower the interest rates to allow you to get out of debt faster. Both will effect your credit negatively. The best time to consider doing it yourself is at the end of the month. Credit card companies are willing to work out better deals then because the reps have a monthly quota.

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  2. Are you overwhelmed with HIGH INTEREST RATES that make it difficult to reduce your balances with minimum payments? If you are in a situation where you feel that you cannot and will not be able to pay back your debt, don’t worry, there are programs out there that can cut your debts in half and reduce your monthly payments by up to 50%...........You should never be ashamed to seek help, no matter your reason for being in debt and no matter how much debt it is. Millions of Americans are struggling with their debts right now; that is why Congress has passed new legislation to keep creditors from taking advantage of consumers. Contrary to what your creditors will tell you, there are options out there for you. Don’t consider bankruptcy until you’ve looked at all of your options. There are companies set up to explain these options to you, FOR FREE. One of them is Consumer Debt Advisors (www.cdadebtsolutions.org), they’ll let you know what option is best for you and offer a free consultation to see if you qualify. Don’t feel trapped or let the creditors control you, call Consumer Debt Advisors at 877-548-5403 or try them online at www.cdadebtsolutions.org. Their website has a lot of information about what alternatives there are to bankruptcy or paying the 25% interest the creditors are charging you.

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