well if your debts are running high then its always better to signup for the debt settlement because not only you get favorable payment schedule and infact many a times lender will not lower your credit rating while sending report to credit bureau.

For me it is just simple, You used the card, you pay it on time to avoid any other issues. Keep the credit low and according to your ability to pay it back. Only people who have splurging all the time had the common credit card debt most times. Be wiser.

I know someone who worked with one of the debt settlement companies. All they got was a consolidation of all their payments into one payment which they still could not afford to pay because of the added monthly fees from the debt settlement program. The debt settlement company was only interested in collecting a fee. They didn't provide any help. This person had to eventually file for bankruptcy.

The moral of this story is that debt settlement programs run by debt settlement companies may not be much better than the credit card companies. This story and others I have heard tell me that debt settlement programs are designed to help the companies not the debtor. You may find an exception or two but I would not count on it.

RichS CFP(r)
www.insimplelanguage.com

True that. Just try and live within your means. It is always my rule in life. Spending some on unnecessary things are done only... and only... during the holidays season. It works for me, or maybe, it's just me.

You also have to keep in mind that using a debt consolidator can actually hurt your credit score in the end. A good debt consolidator (and you do have to watch out for bad ones) will use aggressive, hardball tactics to settle with your creditors for much lower than the amount you owe. This can cause your creditors to report an unfavorable settlement on your credit report, which can scare future lenders away outright.

Long story short, if you're only looking to reduce your debt burden, consolidation is an option, but it should be near the bottom of the list. If you're trying to rebuild your credit and establish a good borrowing reputation, stay away from consolidators at all costs.

Yes, definitely don't use a consolidation company if you don't want to hurt your credit. Try to negotiate a lower rate on the card, or move the debt to a lower rate, and then pay down as much as you can every payday. Good luck!

Credit cards are the plastic of all credits! It will be very tempting, and very useful it may seem. But when used unwisely, it is a very powerful plastic that can make your life miserable.

Many times people will look at a credit card and see only the ease and convenience with which they can painlessly get the things that they want. When asked to list their debts, people will list their mortgage payments, their car payments, and other installment loans, and not list their credit cards.
Credit cards are noting but "unsecured" loans (debts).

True. But many of us don't realize this simple truth. Later on, as the outstanding balance goes beyond our reach then we even think of filing for bankruptcy. Debt settlement is truly a great solution under such circumstances. In order to arrive at a proper settlement, we must go for a counseling session that these settlement companies offer free of cost. If we can share a true and fair view of our financial situation with the counselor, he'll be in a better position to offer a settlement program that suits our pocket.

You really should look into speaking with a credit counselor at a non profit credit counseling agency.

Debt settlement program is very necessary and is worth necessary for everyone who are looking forward to settle their debts and close their credit cards. But it needs to be done in time so that later it will not be a problem in future and will not bring out to be more in debt.

hi,

I don't believe in ready credit. I live from paycheck to paycheck and at the end of the day I got nothing to worry about. I live within my means. I am allergic of credit cards for I have seen people who has to get a new credit card to pay the first one and that's something I don't want.

Live within your means and don't be impulsive. Work harder so you don't have to borrow. ^_*

keep on keeping on...