I'M $ 30,000.00 dollars in debt. i've considered b

I'M $ 30,000.00 dollars in debt. i've considered bankrupcy but don't want to ruin my credit for 10 to 14 years. how would credit reduction work for me or will i lose my credit any ways. i'am current on my bills but not getting ahead.

3 Answers

Debt consolidation or debt settlement programs will tank your score big time...maybe not as bad as a bankrutpcy but close.

Bankrutpcy is not all that bad....it only took my a couple of years to get my credit back on track.  My BK is still on my credit report and  my score is now 720.  It will drop off in two years and my credit will be higher.

 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Bankruptcy will not ruin your credit for 14 years. 

If you want to repay your credit card debts faster, then you can try credit card debt settlement. This will help you get out of debt by paying much less than what you owe. You don't even need the help of the professional debt negotiators. You can settle debt on your own. 


With $30,000 on your credit cards, yuo may opt for debt consolidation. While you enroll yourself with a debt consolidation program, it'll be mentioned in your credit report that you're repaying debts through a program but that won't hurt your credit score much. Once you start making payments to the program, you can certainly improve your score apart from repaying your debts in small and affordable monthly payments. To know more pn credit card debt consolidation, you may visit, http://www.debtconsolidationcare.com/program.html


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