Should I Use a Credit Counseling Service
Author: Nicole in CA
Posted: Wed Jul 21, 2004 10:12 am
Post subject: Should I Use a Credit Counseling Service
Nicole in CA
Date: 10/16/2001 7:05 pm CDT
I am in a heap of debt that I can't see my way out of. I am a college student and cannot work very much. My total minimum payments are about $600 or so a month, and it's gotten to the point where I can't make the payments on time and my interest rates keep being raised. I am no longer using the cards however, but still I am drowning and stressed out all the time.
I will be graduating in June and will be able to work a full time job and waitress on the side, so I will probably be quadrupaling my income at least. I feel like a year seems so far off, and my daily life is incredibly stressful because of money. I am interested in using Consumer Credit Counseling services, a non-profit company that helps you reduce interest rates and monthly payments, etc. but I am concerned about how this will affect my credit rating. I was told that it remains on your credit until the balances are paid off, but I am not sure.
I would like to think I would be buying a house within the next three years, but I currently owe almost $20,000 in credit card debt. I am mainly concerned in how the CCS being on my credit report would affect me in the long run--i.e. will I be able to get approved for a home loan? Will this adversely affect me if I want to rent an apartment?
If anyone has any experiences or information to offer about these companies, please let me know. Or, if there are any resources you could direct me to it would be greatly appreciated!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: eedmason
Posted: Wed Jul 21, 2004 10:13 am
Post subject: Should I Use a Credit Counseling Service
10/16/2001 10:48 pm CDT
It would be a wise move to consider CCCS, Make sure that you use a reputable Company.. It is a lot better that letting your accounts getting to a point where they may charge off,ect.. It will only be a small bump in the road for you.. You will be able to get a mortgage after you are done with the Program.. Just make sure that you make your Monthly payment on time...
Author: mouse
Posted: Wed Jul 21, 2004 10:13 am
Post subject: Should I Use a Credit Counseling Service
10/16/2001 11:20 pm CDT
BK is BAD, but CCCS is REALLY BAD for some people.
Some people have been able to get a good rate mortgage and unsecurred cards 2 years post BK.
Others who go the CCCS way can't even get a 100% securred card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 21, 2004 10:12 am
Post subject: Should I Use a Credit Counseling Service
Nicole in CA
Date: 10/16/2001 7:05 pm CDT
I am in a heap of debt that I can't see my way out of. I am a college student and cannot work very much. My total minimum payments are about $600 or so a month, and it's gotten to the point where I can't make the payments on time and my interest rates keep being raised. I am no longer using the cards however, but still I am drowning and stressed out all the time.
I will be graduating in June and will be able to work a full time job and waitress on the side, so I will probably be quadrupaling my income at least. I feel like a year seems so far off, and my daily life is incredibly stressful because of money. I am interested in using Consumer Credit Counseling services, a non-profit company that helps you reduce interest rates and monthly payments, etc. but I am concerned about how this will affect my credit rating. I was told that it remains on your credit until the balances are paid off, but I am not sure.
I would like to think I would be buying a house within the next three years, but I currently owe almost $20,000 in credit card debt. I am mainly concerned in how the CCS being on my credit report would affect me in the long run--i.e. will I be able to get approved for a home loan? Will this adversely affect me if I want to rent an apartment?
If anyone has any experiences or information to offer about these companies, please let me know. Or, if there are any resources you could direct me to it would be greatly appreciated!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: eedmason
Posted: Wed Jul 21, 2004 10:13 am
Post subject: Should I Use a Credit Counseling Service
10/16/2001 10:48 pm CDT
It would be a wise move to consider CCCS, Make sure that you use a reputable Company.. It is a lot better that letting your accounts getting to a point where they may charge off,ect.. It will only be a small bump in the road for you.. You will be able to get a mortgage after you are done with the Program.. Just make sure that you make your Monthly payment on time...
Author: mouse
Posted: Wed Jul 21, 2004 10:13 am
Post subject: Should I Use a Credit Counseling Service
10/16/2001 11:20 pm CDT
BK is BAD, but CCCS is REALLY BAD for some people.
Some people have been able to get a good rate mortgage and unsecurred cards 2 years post BK.
Others who go the CCCS way can't even get a 100% securred card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:08 AM
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