What do we mean
waste less?
Basically there are a lot of services out there. There is Debt Settlement, Debt Consolidation and the big bad boy Bankruptcy.
Here is what all means:
Debt Settlement: Your debt is negotiated with your creditors to settle for less than you owe. Bottom line is you will end up paying 40% to 60% less than what you owed.
Once enrolled in a debt settlement program, you will set aside a monthly payment that works best for you. You keep control of your money at all times! The time frame is way shorter. Usually from 18 to 36 months.
Credit report effect: Minimal.
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Debt Consolidation: You get on a plan that combines all your debt into a new loan and you make monthly payments until ALL the debt is paid. So, you pay for it all, every last penny. It takes a while, and depending on the debt you have it can take 5 to 7 years.
Wow, that is a long time! Some companies will take your money and say they will make those payments...run as fast as you can.
Credit report effect: Minimal.
Bankruptcy: This one can really mess up with your future. Your credit is ruined for 7 to 10 years. What does that mean? Well, most companies won't want to lend any money to you. It could increase your car, home, and life insurance payments forever. Forever is a long time!
You will go to court and a judge will decide what will happen. It is a very public process and very embarrassing, and every time you fill out an employment form, or a loan you will have to state you filled for bankruptcy. Stay away from bankruptcy at all cost!
Credit report effect: Maximum. Will show that you declared Bankruptcy and did not pay your creditors.
