I heard about Incharge debt management which is a non-profitable organization, does it really help you repair your credit sooner?
I don’t know if it will help clear it up faster, but I can tell you that after you use a debt mgmt. company that in the future creditors will look at it as a settlement and that it reflects on your credit standings as bad as a bankruptcy. I have also been told that a debt mgmt. company cannot do anything that you cannot do yourself as far as contacting your creditors and settling debts.
Can you refer me to a good debt counseling company? I have heard there are a lot of rip off debt consolidation companies out there, and I am just looking for one that maybe you have had a good experience with. If you could give me some suggestions, that would be great! Thank you!
Usually those companies offer debt settlement and credit counseling as part of their services, check the resource I have listed.
If anyone has any experiences with good or bad in dealing with a debt consolidation company let me know. Would it be a good idea to have one help me if I have about 4,000 dollars in debt?
They usually wont do much for you unless you have $10,000 in debt.
They essentially call up all your creditors and tell them that you will probably go into bankrupcy and not pay them unless you can work something out. They then negotiate a reduction in your interest rate, a reduction in your debt, and a new lower payment. That is the good part.
The bad part is that the lender is then taking a loss after lending you money. Like the friend that always mooches and doen’t pay their share, it makes other lenders less likely to lend to you. This will lower your credit score for a while and the credit negotiation will be noted on your credit report.
Your $4,000 may be uncomfortable, but it is definately manageable. Do what you can to work this out without going through the counseling. Try getting a second card and transferring the balance – thry will often give you a low transfer rate for a few months. This will give you a chance to get ahead in your payments (keep paying as much as you can even though the minimum payment is less).
Remember, a good reputation is invaluable. You need to protect it and build it up. Just because you can borrow money doesn’t mean you should.
I had left USA around 4 years back as I could not get a job(software). When I left I had credit card debt. Now i want to be back and normalize my debt. I currently dont have a job. I checked my credit report on the internet but confused with the terms. Its certain that collection agency must be trying to locate me. I cant figure out my current debt, thats when I left and now(including interest?). I need help in how to take the first step and how its going to affect my job-hunt.
If you get a copy of your credit report, it will show you how much you owe on your card(s). Depending on how long ago you defaulted, it may be better to *not* pay it off and just wait out the debt. Most debt will clear 7 years after the last reporting. I would recommend going to a site like http://www.truecredit.com, it should also help you with the terms.
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