Posted on: 22nd Dec, 2008 09:04 am
I have about 23,000 in credit card debt. Is it better to join a debt settlement program or file bankruptcy? If I do either one of the two how long until I can get a mortgage with about 10,000-15,000 as a down payment
Hi curious in CT,
As you are in a credit card debt, in my opinion, it will be better if you can either go for a debt consolidation or debt settlement. You can contact a good debt settlement or debt consolidation company and get it done by them. I know of a community who are into debt consolidation - "debtconsolidationcare.com". You can speak to their financial coach and I hope they will be able to help you.
A bankruptcy and a debt settlement will have a negative affect on your credit report whereas a debt consolidation has a positive affect. Bankruptcy remains on your credit report for 10 years whereas debt settlement remains on the credit report for 7 years. A debt consolidation remains on the report until it is paid in full. All these will thus make it difficult for you to get a loan.
Thanks.
As you are in a credit card debt, in my opinion, it will be better if you can either go for a debt consolidation or debt settlement. You can contact a good debt settlement or debt consolidation company and get it done by them. I know of a community who are into debt consolidation - "debtconsolidationcare.com". You can speak to their financial coach and I hope they will be able to help you.
A bankruptcy and a debt settlement will have a negative affect on your credit report whereas a debt consolidation has a positive affect. Bankruptcy remains on your credit report for 10 years whereas debt settlement remains on the credit report for 7 years. A debt consolidation remains on the report until it is paid in full. All these will thus make it difficult for you to get a loan.
Thanks.
curious, i agree that the best approach is to cut your debt by repaying it. bankruptcy is something from which you can recover and end up purchasing a home, but it's going to be a long haul between bankruptcy, poor credit scores and that home purchase.
if you work with Consumer Credit Counseling, which has offices here in Connecticut, you'll find that they are a non-profit firm that has a wonderful track record in dealing with consumers and creditors. not only will you be able to repay the debt, but they'll counsel you at the same time, giving you tips and pointers that will help you throughout the rest of your life. look them up online, or if you need to ask me specifically, i can provide the contact information.
if you work with Consumer Credit Counseling, which has offices here in Connecticut, you'll find that they are a non-profit firm that has a wonderful track record in dealing with consumers and creditors. not only will you be able to repay the debt, but they'll counsel you at the same time, giving you tips and pointers that will help you throughout the rest of your life. look them up online, or if you need to ask me specifically, i can provide the contact information.
