Contributor
carolina98
Posts: 90
Registered: ‎11-12-2010
Re: i am considering bankruptcy

You're welcome!

 

You might try negotiating directly with your creditors and avoid credit counseling and debt reduction. I was able to negotiate with most of my creditors directly to get sizeable reductions in interest rates. For example, Bank of America reduced the interest on my two credit  cards from 28.9 percent down to 6 percent on one card and 4 percent on another card. If you have debts on medical bills, I think you'll have also have a good chance there to work out a payment plan.

 

A problem with both credit counseling and debt reduction is, as I understand it,  you might have multiple late payments show on your credit report while those programs negotiate with your creditors and put your accounts under their programs. If you negotiate yourself,  you avoid the late payments and better protect your credit.

 

Good luck!