Counseling Debt Reduction
Debt Counseling Guide
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Can You Consolidate Without Damaging Your Credit Score?
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Revealed: Which Is Better--Consolidation Or Bankruptcy?
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Polls
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dbf404 posted: 25 Sep at 2:12 pm
I think debt counseling is better,bankruptsy leaves a bad mark on your name
Mike R posted: 27 Sep at 7:48 am
i would say bankruptcy, why? Because your credit is HORRIBLE after you claim it, debt counseling shows whomever you ask for a loan from next that your at least trying to get on the right track
G-man posted: 27 Sep at 6:49 pm
Bankruptcy is slightly worse … but only slightly. They both show up as extremely negative events and if you have any other option …. you should go with the other options. On a scale of 1 – 10 with 1 being the worst, a bankruptcy might be a 1 and credit counseling is a 2 ….. they’ll both negatively impact your credit in a big way for the next 10 years. I suggest you check out a Dave Ramsey course … you may be able to save yourself the pain of both. Good Luck to you.
smiley20903 posted: 28 Sep at 10:47 am
debt counseling is worse then bk….with debt counseling most copies that say they can help can’t…they may hold what u pay them and not pay your creditors…..also when u do credit counseling most creditors will still mark the account as charge off which could kill your credit score…or they may still report it as deli….because they are not receiving the full payment…….most banks take debt counseling negative because it like saying u need someone to manage your debts instead of yourself…and in a way they may look at the same way they look at it as being a bk…
Amanda D posted: 30 Sep at 11:21 am
I have done both. I first tried Debt. counceling and consolidation. All it did was make my credit worse. The company only paid the minimum balance if that and creditors still hounded me daily. Once I filed for Bk they were not aloud to contact me again. My credit has actually improved since my bk was final and I was able to purchase a vehicle and a low balance credit card. I am able to purchase a home but at a crazy high interest rate. It has been almost a year and a half since the bk was final and my credit is better than it has been in years. I recommend that if you are choosing one go with the bk, it gives you a fresh start. Just remember that it does stay on your record for eight years and you can not file again for eight years depending on which chapter you file under.
Michelle K posted: 01 Oct at 12:54 pm
I think they are about equal. I tried credit counseling, and while the creditors lowered the interest rate and balances on my credit cards, when I received a copy of my credit report months later, I found that the creditors had reported that they “settled for less that the full balance,” which didn’t help me at all.
I eventually ended up filing for bankruptcy (before the law change, although my boyfriend has since filed without any problems), and I seem to be doing alright. Although I am stuck with a bankruptcy on my credit report for 10 years, I have been able to obtain low balance credit cards. Orchard Bank and Capital One have helped me out, as well as Home Depot and Target.
Hope this helps!