Credit scores should never exist, but they do, and this prevents people from solving their severe debt with debt consolidation or settlements.The truth is, significant debt relief will damage one's credit score no matter what.You're probably tempted to believe the hype that bankruptcy is not as damaging as consolidation.Severe debt is best remedied by consolidation, which also can preserve and help heal a credit score.
If you or anyone that you know has a debt that is in excess of $10,000 or more, and only makes the minimum payment each month, it will take 30 to 40 years to pay off.
Bankruptcy is as permanent as death and almost as severe, ruining your credit and financial equity for life.There are the same issues with settlements.
Many American's credit scores are now lower because many of their accounts have been put into the hands of a collection agency. When in financial straits, try calling the creditor to discuss options on lowering your balance.Many Americans have not been taught how to charge conservatively, as their debts slowly increase each and every month.
It's actually a rarity for a missed payment that is eventually repaid to show up in a credit report, after all.Agency counselors know the tricks with consolidation loans and can give insight in how to handle one.
It would be nearly impossible to restore lives and repair credit without agencies like these.Truly consolidation is the best answer for both your debt and your credit score alike.
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