Our online debt consolidation and credit card counseling service is here to help you eliminate your outstanding debts, reduce interest rates, lower your monthly payments and avoid bankruptcy.

Debt consolidation is the process of consolidating multiple debts into one low interest loan or credit card. Debt consolidation typically involves a new credit line, but could also be referred to you as a credit counseling program or other forms of debt management that do not involve a debt consolidation loan. If you have a lot of debt and want to get some relief, there are a variety of options that may be available to you. Our experienced debt counselors can assist you to evaluate your options and find the debt consolidation solution that is right for your personal situation so that you can get out of debt fast. read more...

How Debt Settlement Affects Your Credit Score

When you enroll in a

debt

settlement program you stop paying your creditors and transfer the monthly payments to the trust account open with your

debt

consolidation agency. However, the creditors no longer view your

debt

as collectible and may even sell your

debt

to the

debt

collection agency. The

debt

collection agency in its turn will start harassing you for that

debt

.
This does not happen if the

debt

negotiation process starts off in time, so that the creditor knows that your

debt

is collectible. The creditor then starts considering whether to accept the partial payment, rather than nothing.

You must demand that your

debt

consolidation agency negotiates that your creditor reports your account as “Settled Charge Off”. This status on your credit report is less negative than bankruptcy. As you see, the credit card

debt

settlement or any other

debt

settlement odes hurt your credit score. However, these are the changes you can mend with time and thorough diligence with paying out your

debt

s. So, when you totally pay out your

debts

, your credit report will gradually improve in case you make regular and timely payments towards your other bills and stop making more

debt

s.

How can you repair your credit report after the

debt

settlement?

1. Get a secured credit card, it is quite accessible for people with poor credit history. The aim of this secured credit card is to help repair your poor credit score.
2. You can easily qualify for a gas or store card. Once you get such cards, use them each month and make regular payments on them, which exceed the minimum payment. Do not exceed the 50% of the credit line on those cards under no circumstances. This way you may in time show positive credit history with these cards and qualify for a higher credit line.
3. Open a savings account and accumulate savings on a monthly basis. This way you will be prepared to pay for the unexpected expenditure without your credit cards. You can also use this savings account in order to get a secured credit card.
4. Make timely payments towards your utility and rent or mortgage bills.
5. Try not to take any more credit, especially if you can find another way around. Avoid taking out payday loans after the

debt

settlement.


Learn More:

• Debt Management Myths And Reality


• Simple answers to your debt problems


• Best debt consolidators


• Get Rid of Debt Without Bankruptcy