I’m considering going tο one οf those credit counseling/consolidation things ѕο thеу саn hеlр mе figure out hοw tο lower mу debts аnd pay thеm οff. I’m $26,000 іn thе hole. I’m nοt behind οn mу bills bυt іf I lost mу job I’d bе screwed. Dοеѕ doing thіѕ hυrt уουr credit score? Mу score іѕ high аnd I want tο keep іt thаt way. Thanks!!
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Tags: Counseling, Credit, hurt, score/report
Credit counseling won’t help your credit score but it could help your budget. . . that’s the trade off. A consumer credit counseling agency is going to negotiate with your creditors to reduce your interest rates so that you can pay everyone off in 4-5 years instead of the ongoing cycle of payments for years and years and years. If you lost your job you wouldn’t even be eligible for a legitimate debt management program. Your best bet is to negotiate your interest rates with the creditors on your own, stop using the credit cards (but don’t tell the credit cards that), and come up with your own formula to pay off all of your debt as quickly as possible by focusing on it. Look into the debt snowball plan by Dave Ramsey. His tv show is on cable and books are available at the library. You owe what you owe and anything less than that is going to hurt your credit score. Be honest with yourself on what got you into trouble in the first place. . . spending on credit. It’s time to realize that isn’t working so now you need to cut back on things with a sane combination of increasing your income and/or reducing your expenses. If you don’t do something your next question will be about bankruptcy. I don’t mean to be harsh but I know that you can do it. You are not in dire straights just yet but if you don’t take action soon you won’t be able to make your payments and a high score will be a thing of the past.