This page will also help to dispel some myths that get regurgitated across the web.
There are far too many misconceptions (and incomplete summaries), about credit reports and the harm that comes from credit counseling, settling debt for less than what you owe, or how bankruptcy will stop you from getting approved for credit.
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Long term this will mean a savings of tens, if not hundreds of thousands of dollars.
Just think about what a percentage point or two on an interest rate tied to a 30 year fixed mortgage can mean to you in savings over the life of the loan!
After more than 20 years of helping people with debt problems, I can say with certainty that there is too much focus on the credit report and credit score when what is being sought is debt relief.
Focusing on getting out of debt with the right tools comes first.
What may surprise you is that all of these methods for resolving debt track fairly closely with the other when it comes to being able to access new credit products.
Hopefully you are now better prepared to understand that when you are struggling with debts you can no longer afford, but are more concerned with your credit score, your attention is on the wrong thing.Focus on solving your personal debt and budget crisis first.Credit will be available again, and much quicker than you may have thought.Lending markets have thawed a bit since the credit freeze hit the U. a several years ago, but sunny days are still a ways off.Even when the credit markets do fully break out, lending standards like those from 2005 are not going to come back… Applying for a card on line and getting a 25k credit limit, with thin employment and credit history, is probably gone for good.Do not let others sell you on the importance of maintaining credit when you cannot maintain payments on the debt you have.