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Consolidation? I have paid all my cards on time but now my hours have been cut and I no longer have the funds to do so. I have 25,000 dollars in debt and i only now take home 1600 a month. Needless to say not enough to pay rent and pay my credit card bills along with the fact that my car is on its last leg. What should I do?
You can get a debt consolidation loan only if you have a good credit score. I think that you should go for debt settlement program, under which you need to pay back only 40 to 50% of the total outstanding debt including all agency fees and interest charges which you need to pay within a period of 2 to 3 years.
How would this affect my credit? I as of now have no late payments and a sound credit history? I have researched this option with no straight answers. Any information would be of great help.