Credit scores free Virginia

I see a lot of questions submitted by individuals who have (what I consider) extremely high amounts of cc credit scores free Virginia debt (20k, 30k, 40k) and I feel that I never see any advisement about the settling process. Instead, it seems that most everyone is advised to suck it up and strap themselves in to credit scores free Virginia snowballing through the debt and insane amounts of interest for the next 5+ years (or more!). My question iswhy? Of course there are negatives to settlingthe hit to the credit score, right?but credit scores free Virginia I have a friend who recently settled credit scores free Virginia her 25k+ cc debt for 25% of its original amount and their score is still good (around 650). Although she could have kept up her monthly minimum payments (even though they took up 50% credit scores free Virginia of her take-home pay and she would have been stuck in her hand to mouth existence), she purposely defaulted in order to settle. It seems almost logical to meshe stopped paying her monthly minimum payments, defaulted, spent a few months getting badgered by collectors while she stockpiled the money that would have gone straight credit scores free Virginia out the window to make the tiniest credit scores free Virginia of dents in the debt, and then she settled and paid off those amounts in full with cash. credit reports 3 Altogether, it was an 8 month process as opposed to a several years long torturous journey. Is it an ethical issue? Is that why settling seems to be considered a last ditch effort (as in, only an option if youve already defaulted credit scores free Virginia and have no other choices)? Or are there other negatives Im not seeing? credit scores free Virginia - Jeff For one, it is an ethical issue. Planning ahead to take someone elses money then defaulting on that debt is just simply dishonest. Another factor credit scores free Virginia is that it does drop a bomb on your credit report, even if you negotiate it away. It has a pretty credit scores free Virginia big negative impact, one that doesnt just affect the debts you might take credit scores free Virginia on, but also affects job applications and insurance rates.

Yet another factor is that credit scores free Virginia youre hoping that the negotiation process goes the way you want it to. credit bureau check Youre betting on the company being willing to negotiate with you and doing it in a smooth and expedient process, which credit scores free Virginia does not always happen.

If it doesnt, youre going to have a giant wound on your credit report for many years. Not only that, youre also running a chance of being blacklisted from future transactions involving that bank.

I have a credit scores free Virginia friend who simply cannot get a card from Chase, even though hes had strong credit for years, because of his previous default on a card from them.

No one offering reputable personal finance advice would suggest borrowing a bunch of money with the intent of defaulting and negotiating it away. Q6: Ignoring debt She is 24, has a degree in nursing, works full-time (three 12s = 26hours) at a hospital for $21/hr and is a whopping $130,000 in student debt (private credit scores free Virginia school, no scholarships, and some bad credit scores free Virginia decisions). Her monthly minimum payments are about $1050 a month, for the next 20 years. The way I see it, she has two options 1) pick up extra shifts, live extremely frugally, continue livinig with her parents, and hopefully pay it credit scores free Virginia off in 8-10 years, or 2) pay the minimums, live her life, finally move out on her own, and just ignore that $1000 a month for the next credit scores free Virginia 20 years. get credit report online I am ALWAYS an advocate of getting out of debt as soon as possible, but in this case, is it worth giving up your life and your independence for 10 years? - Brittany It depends on whether she is willing to trade ten difficult years and ten great ones for ten mediocre years in terms of her finances.

Almost always, I would choose the ten credit scores free Virginia difficult years and ten great ones. I would far rather live in a challenging situation for a while right now to have a great life sooner rather than later. Id always choose that over a middle-of-the-road situation both now and later.