Help! Debt Settlement Gave Me A Low Credit Score!

Hello-

In the past I have talked about Debt Settlement as a “Debt Cure” for your credit card debt problems. And for some people it is. But before you decide on this course of action, be aware that using debt negotiation with your creditors to get a good settlement offer can result in your FICO credit score dropping a few hundred points.

If you are scared of ruining your credit to get out of debt, then maybe Debt Consolidation is better for you.

Take a look at what has happened to my credit score over the past 6-8 months since I started a do it yourself debt settlement program:

Above is my FICO credit score before I missed payments on my credit cards due to a severe financial hardship. And below is what my credit score looks like now after I have settled with 3 out of 4 creditors.

Debt settlement has ruined my credit score!

Are you worried about keeping your credit score high? Have you seen all the commercials about how you need to maintain a high credit score to keep your insurance rates low, your credit card rates low, and your chances of getting a job?

I’ve even posted some of those on this blog. And if you are not going through a sudden job loss or unexpected medical bill then you may not need a drastic debt solution as debt settlement. And debt consolidation may be all you need.

Now here’s something else I want to show you:

My credit card debt before debt settlement: $61,713.xx

And here is how much credit card debt I have now after settling with 3 creditors and getting a balance reduction with a 4th:

$16,078.

I settled $43,250 settled for $13,054 and reduced a 4th balance from $10,160 to $7778.

I kept one card out of the program which I needed to pay for living expenses and business expenses and this has a balance of around $8300.

I am still not out of my severe financial hardship but eliminating over $43,000 in credit card debt in 6 months will go a long way towards helping me recover.

That cuts my monthly expenses by over $860 a month based on the 2% balance monthly minimum payment.

Would an extra $860 a month help improve your financial situation?

And now that I have $43,000 less in credit card debt, I am able to work faster on rebuilding my credit score. I can start making my payments on time again.

My debt to income ratio is a lot lower now.

In a couple short years I will have a healthy credit score again and will qualify for a low rate mortgage loan or car loan or even a credit card.

Debt settlement is not for everyone. If you have a small amount of credit card debt then it is not worth ruining your credit score over.

Get help from friends and family, consolidate your debts, stop charging, read the Total Money Makeover, heck, read Debt Cures I and II, and get out of debt.

I am just sharing with you my experiences and hope this can help you decide on if do it yourself debt settlement is the choice for you.

Talk to you again soon.

If you have any feedback, comments, or experiences let me know in the comments box below.

Thank you,

Adam

Debt Cures Reviews

Debt Cures - FREE Cash Grants Available

Kevin Trudeau talks about Free grant money in his Debt Cures books. Here’s something interesting…

Did You Know That….

- 15,000,000 people get free help and training for a better job
- 2,000,000 entrepreneurs get money to start or expand a business
- 5,000,000 people get money to invest in real estate
- $1,000,000,000,000 (1 trillion) are given away every year
- Over 35 million people get a share of this every year
- These were people from all walks of life, even the rich!

These are not made up numbers. These are facts. Grants don’t just come from the Government either.

Many people don’t realize how many private organizations literally HAVE to give away between 3% and 5% of their earnings for tax reasons.

These private organizations are know as “Foundations”.

Wondering if you would qualify for a Free Cash Grant? Well we wanted to introduce a resource that REALLY helps people achieve this goal!

Most grant sites offer just an eBook, and silly worthless bonuses.

This site is REAL and offers a top rate grant directory search!

Are you ready to claim YOUR share?

http://www.debtcuresreviews.com/go/freegrantmoney

-Adam

Debt Cures Reviews

Debt Cures - Get A Better Credit Score

Hello-

One of the best “debt cures” out there is a better credit score. With a high credit score, you can get the lowest interest rates on your car loans, your home loan, your credit cards, and your auto and home insurance.

You can save hundreds of dollars a month by refinancing your car and home loans with a better credit score.

If you do not know what your credit score is then you will not know how much higher you need to go to qualify for the best rates.

When you get your free credit report and credit score you can make sure you are not a victim of identity theft, Kevin Trudeau’s 2 magic words, which may be lowering your credit score.

You can check your credit file for inaccurate information or old debts that should have been removed but never were.

You have to keep in mind it’s not in the best interest of the credit reporting agencies to make sure your credit report is error free.

The banks and credit card companies make more money charging higher interest rates for people with a spotty credit report and a few late payments on their accounts.

Nothing lowers your credit score more than late payments.  On the flip side, you can improve your credit score the most by making all your payments on time.

Get a free look at your credit score and see where you stand.

Another one of the best debt cures out there is making more money. You can still make money with Hubpages. Last month I made $269.82 from Google Adsense with my Hubpages that I created months ago. They are still making me money every month and I only had to create them once.

Work once and get paid over and over. An extra couple hundred bucks a month is always nice.

You do not have to just create Hubpages, there are hundreds of work from home business opportunities out there.

You can make more money in your spare time, you just have to put in the work.

Those are 2 of the best debt cures I know.

Have a great day!

-Adam

Debt Cures Reviews

Your Get Out Of Debt Plan For 2010 And Beyond

Hello-

Christmas is over and you find yourself just a little bit deeper in debt than you had planned. So what is your get out of debt plan for the new year 2010?

Over the past 2 years, I’ve read over a dozen personal finance books on how to get out of debt. I’ve read through all the different debt elimination methods. All the debt cures you can think of.

There are pros and cons for debt consolidation, the debt snowball, debt settlement and debt negotiation, and even bankruptcy.

They all have their place.

No debt elimination plan will work for everyone.

There are too many different scenarios to account for.

But if I had to rank the top 5 ways to eliminate your credit card debt this is how I would do it:

1. Debt Settlement

2. Debt Into Wealth system

3. Debt Consolidation

4. Debt Snowball/Pay It Off

5. Bankruptcy

Used effectively, debt settlement can help you slash your credit card debt by at least half. You can do this on your own.

You can get rid of all your unsecured debt in as little as 6 months.

Even the best debt consolidation plans can take 3 to 4 years to complete. The only real downside is your principal balance is not reduced, only the interest rate.

The Debt Into Wealth system can help you become debt free in 5 to 7 years and also includes your mortgage loan.

The debt snowball is from Dave Ramsey and has helped thousands become debt free. It can take several years to finish paying off all your bills.

Bankruptcy is a last resort. Use it only after you have exhausted all your other options.

Think hard about the consequences of having ruined credit for 7 to 10 years. You can limit your job prospects among other things.

So what to do next? What do you do with these debt cures?

Learn more about debt settlement. The Zipdebt program is the best source I’ve found on how to do it yourself debt settlement and debt negotiation.

If you feel it is not for you then check out the Debt Into Wealth system. They have a special offer now where you can get the best debt elimination plan for under $10.

If you want to find out if debt consolidation will help, get a free online quote from Care One credit Counseling.

You can search this site for more details about the debt snowball.

I wish you the best start to the New Year.

You don’t have to suffer from credit card debt any more. There is so much help out there.

Let me know your thoughts or opinions.

Thank you for reading,

Adam

Debt Cures Reviews

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