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Updated: 10:21 PM Aug 6, 2008
Credit Crunch: Debt on the Rise in Eau Claire
Things to avoid, and steps to take to get out of credit card debt Posted: 5:44 PM Aug 6, 2008Reporter: Kelly Schlicht Email Address: kelly.schlicht@weau.com |
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Debt management DOES allow you to opt out early; it's right in the agreement with the debt management agency! The initial impact on your credit comes from a change in your debt ratio when the accounts are closed; this happens in debt settlement, too. But debt management only improves scores from there, as consumers pay consistently and pay off the debts in full; whereas debt settlement often leaves a long-lasting negative mark on the credit report, as creditors do not always report the accounts as "paid in full" to the credit bureaus. That has to be negotiated as part of the settlement, and alas, many of these settlement companies do not do this for their consumers/clients. I am sorry to say it, but often people do not have positive experiences in settling; more success and happier endings come from debt management.
Wow,Did you actually interview anyone from the debt settlement industry?? It is totally different than Consumer Credit Counseling Service. Debt management companies only get the interest rates reduced. They also hurt your credit report, AND you cannot opt out early if your finances improve. The debt settlement industry works on reducing your balances. It has nothing to do with consoildation. Your story is full of errors. This story appears to be a advertisement for the debt management industry?? Is that true?? There are over 600 companies handling settlement. My number is probably old and out dated information. The company I used to help me was accredited through TASC. I will let you look that up to find out what it means. People should ask many questions. Whatever avenue they decide to pursue has to work for them. I am sorry to see you do not do complete research before you wrote this story. Maybe next time. Sincerely, Gre G in Texas
Poverty is still poverty no matter how much advice you get. Sometimes there are circumstances beyond our control that will keep us trapped in poverty.