Can I get rid of my debt without ruining my credit?

My credit cards are maxed out due to some purchases for new furniture, school fees and mostly careless spending. I”m not able to keep paying for my bills every month and the minimum credit cards payments. I want to get rid of this stress and file bankruptcy but I’m worried it’ll affect me when I try to buy house or even rent an apartment. Is there another option that can eliminate my credit card without destroying my credit rating?

One Comment

  1. There are alternatives to bankruptcy but both require arrangements with your creditors. One is credit consolidation. This is not a loan but an arrangement to pay your creditors less then originally agreed. Usually the credit consolidation company such as Consumer Credit Counseling of Buffalo or Rochester will make such arrangements and they are paid by the creditor. It’s worth a try. Call them and they will sit down with you and go over all your debts and try to submit a workable repayment plan with your creditors.

    The other option is debt settlement. This is where you or a debt settlement company will contact your creditors and offer a settlement for less then what you owe. However this requires that you have the settlement amount (i.e. retirement, personal loan for friends or family or perhaps even a second mortgage or equity loan) available within usually 10 days of written settlement.

    One other option may be possible by going to your bank and asking for a consolidation loan. However, there is usually not attainable due to poor credit rating.

Leave a Reply