Instead, it seems credit score ratings Anchorage that most everyone is advised to suck it up and credit score ratings Anchorage strap themselves in to snowballing through the debt and insane amounts of interest for the next 5+ years (or more!). My question credit score ratings Anchorage iswhy? Of course there are negatives to settlingthe hit to the credit score, right?but I have a friend who recently settled her 25k+ cc debt for 25% of its original amount and their score is still good (around 650). Although she could have kept up her monthly minimum payments (even though they took up 50% of her take-home pay and she would have been stuck in her hand to mouth existence), she purposely defaulted in order to settle. It seems almost logical to meshe stopped paying her monthly minimum payments, defaulted, spent a few months getting badgered by collectors while she stockpiled the money that would have gone straight out the window to make the tiniest of dents in the debt, and then she settled and paid off those amounts in full with cash. free credit report information Altogether, it was an 8 month process as opposed to credit score ratings Anchorage a several years long torturous credit score ratings Anchorage journey. Is it an ethical issue? Is that why settling seems to be considered a last ditch effort (as in, only an option if youve already defaulted and have no other choices)? Or are there other negatives Im not seeing? - Jeff For one, it is an ethical issue. Planning ahead to take someone elses money then defaulting on that debt is just simply dishonest. Another factor is that it does drop a bomb on your credit report, even if you negotiate credit score ratings Anchorage it away. free canadian credit report It has a pretty big negative impact, one that doesnt just affect the debts you might take on, but also affects credit score ratings Anchorage job applications and insurance rates.
Yet another factor is that youre hoping that the negotiation process goes the way you want it to. Youre betting on the company being willing to negotiate with you and doing it in a smooth and expedient process, which does not always happen. If it doesnt, youre going to have a giant wound on your credit report for many years. Not only that, youre also running a chance of being blacklisted from future transactions involving that bank. I have a friend who simply cannot get a card from Chase, even though hes had strong credit score ratings Anchorage credit for years, because of his previous default on credit score ratings Anchorage a card from them. No one offering reputable personal finance advice would suggest borrowing a bunch of money with the intent of defaulting and negotiating it away. check credit report free Q6: Ignoring debt She is 24, has a degree in nursing, works full-time (three 12s = 26hours) at a hospital for $21/hr and is credit score ratings Anchorage a whopping $130,000 in student debt (private school, no scholarships, and some bad decisions).
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