Debt Management Tips - Worried About Debt Settlement & Credit Score? Check Out Some Tips
Is it possible to overcome your debt problems without a negative impact on your credit score? Well, full repayment of loans is the best option.
It is the only way you can get rid of debt problems without reduction in credit score.
This solution sounds good only in theory.
It is next to impossible for an ordinary borrower to achieve this goal in real life.
This is because credit card loan is not the only debt you owe.
You probably owe money on your - house mortgage - automobile loan - loans from friends and relatives.
- other unsecured loans Further, you will have to meet your daily expenses out of your income.
If you use your income to make debt repayments, how will you manage to lead a respectable life? You will also have to plan for future expenses like house purchase or education of child and so on.
Hence, if you have got stuck in a debt problem and are facing all these expenses and responsibilities, the smartest option is to sacrifice your credit score in exchange of debt relief.
Live today and fight tomorrow - that should be your motto.
On the other hand, if you opt for bankruptcy, you will be committing suicide and there will be no more tomorrow.
For the next ten years, you will have no choice but to suffer serious financial problems.
You will have absolutely no protection from any emergency.
You cannot keep on choosing bankruptcy again and again, can you? From social ridicule to economic embarrassment - bankruptcy has many harmful consequences.
It is as impractical as the 'full repayment of debt' option.
A debt settlement will result in a reduction in the credit score.
However, this reduction will be temporary.
This option will give you a fantastic opportunity to overcome your debt problems.
Once you have successfully overcome your debt traps with a 50-70% waiver, you just have to continue repaying the balance amount owed.
This will result in an improvement of your credit score.
Further, you will also get various tips and hints on the World Wide Web to improve your credit score.
Even if a negative impact takes place, you can use the tips to secure assets and plan your finances in such a manner that no lender will refuse a low interest loan.
At least, not because you have opted for a debt settlement in the past.
It is the only way you can get rid of debt problems without reduction in credit score.
This solution sounds good only in theory.
It is next to impossible for an ordinary borrower to achieve this goal in real life.
This is because credit card loan is not the only debt you owe.
You probably owe money on your - house mortgage - automobile loan - loans from friends and relatives.
- other unsecured loans Further, you will have to meet your daily expenses out of your income.
If you use your income to make debt repayments, how will you manage to lead a respectable life? You will also have to plan for future expenses like house purchase or education of child and so on.
Hence, if you have got stuck in a debt problem and are facing all these expenses and responsibilities, the smartest option is to sacrifice your credit score in exchange of debt relief.
Live today and fight tomorrow - that should be your motto.
On the other hand, if you opt for bankruptcy, you will be committing suicide and there will be no more tomorrow.
For the next ten years, you will have no choice but to suffer serious financial problems.
You will have absolutely no protection from any emergency.
You cannot keep on choosing bankruptcy again and again, can you? From social ridicule to economic embarrassment - bankruptcy has many harmful consequences.
It is as impractical as the 'full repayment of debt' option.
A debt settlement will result in a reduction in the credit score.
However, this reduction will be temporary.
This option will give you a fantastic opportunity to overcome your debt problems.
Once you have successfully overcome your debt traps with a 50-70% waiver, you just have to continue repaying the balance amount owed.
This will result in an improvement of your credit score.
Further, you will also get various tips and hints on the World Wide Web to improve your credit score.
Even if a negative impact takes place, you can use the tips to secure assets and plan your finances in such a manner that no lender will refuse a low interest loan.
At least, not because you have opted for a debt settlement in the past.
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