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So long as you are a rational person, Nationwide Debt Reduction will give you a rational answer. However, please keep in mind that it was probably your "good credit score" that got you into the "debt trap" to begin with.
The reason: Creditors like to prey on people with good credit. They are ones who get the zero interest, balance transfer, no payment for 18 months etc, etc, etc, offers, than those who do not have "good credit." The problem comes in when the creditors now change the terms of those agreements should you miss one months payment, or forget to follow just one of their little rules in fine print you could not have seen had you had a magnifying glass to begin with.
So, you took advantage of these nice offers, and then something happened. You lost a job, your income was lowered, a child got sick, any number of reasons, and now these "good deals" have gone by the wayside and you own enormous amount of credit card debt.
Here is why we are the Preferred Debt Relief and Debt Reduction service in America
- You can become free of credit card debt once and for all.
- You can receive immediate debt relief and no more creditor phone calls.
- We negotiate and settle your debt on your behalf.
- 15 years of helping hundreds and hundreds of clients across America.
Please call us toll free at 800-890-6658 for a Free Debt Relief-Debt Reduction Consultation.
Or use our Debt Relief Getting Started form.
That said, there is a solution, and that solution is working with a debt management company. Now we get to your original question. What effect will your program have on my credit? In the short term, a poor one. It will be poor because the money that you were using to barely pay the minimum monthly payment each month to your creditors, will now be going into a personal savings account Nationwide Debt Reduction's staff has set up for you. The creditor in turn will now report to one of the three credit bureaus that you are 30-days late, 60-days late, 90-days late etc. which is viewed as a derogatory remark on your credit report.
The next thing that happens is we make a settlement for you with ABC Credit Card Company. Let's say you owed them $10,000 and we negotiate a settlement on your behalf in the amount of $4,000 as payment in full. ABC Credit Card Company now has 60 days from the date of payment to report to these same credit bureaus that you now owe ABC Credit Card Company $0.00 dollars. So, whereby at one point you owed them $10,000, now you owe $0.00. This negative will now appear as a positive on your credit report.
Now, let's say you have 5 of these $10,000 credit cards, and three years later, they all show up on your credit report as $0.00, how would your credit report look then? Would you have a favorable rating again? You bet you would!
Then, the cycle starts all over again. The solicitations will start to come in the mail again and you will go though the process all over again...right? Wrong, you go to your closest office supply store and pay $29.95 for the cheapest shredder you can find. Then when the solicitations come in, you simply shred the entire envelope before even opening it. That is how you keep good credit without falling into the "debt trap."
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