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| Wed, 02-11-2009 - 5:02pm |
Alright heres my problem, I have about 20k in debt and with my monthly income and everything I can barely get by and hardly have enough money to eat with. In all of yours opinions which option is the best over all? Debt settlement or bankruptcy? Thank you in advance!
p.s.

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I would first make a list of all your household bills and credit card bills and what ever has to come out of your check a month and the interest rate you are paying. I hope you do not get offended by what I am about to say but 20,000 in the grand scheme of things is not
I agree with Mary Ann.
Excellent post with sound ideas.
Stacy,
Would you mind sharing more details on how you got such a big savings by switching insurance companies?
Thanks,
Robyn
"In all of yours opinions which option is the best over all? Debt settlement or bankruptcy? Thank you in advance!"
Bankruptcy would be the quickest for your unsecured debt.
You said that good credit is only good for getting into more debt.
Well you are wrong there. Car insurance for one thing What you pay depends on what your FICO score is. Homeowners and renters insurance to is effected by your credit.
You want a decent job. Companies check your credit before they hire you for many jobs.
Hope you don't mind my answering your post to Stacey, as I'm obviously not her *lol*
Yes, good credit very important but you CAN survive and succeed with a score that isn't in the "high" range. I've been working on raising my score since I filed for bankruptcy in 2003. In that time we've rented an apartment, moved into a home, purchased more than one car, been approved for credit cards, and switched jobs (one by choice and one not by choice). Please, do not scare her unnecessarily about her credit score. Yes, a good score IS a helpful thing, but what you're saying indicates she won't be able to do anything if she has a lower score. That simply isn't true and it's unfair to suggest as much. Is it possible her credit score would hold her back? Absolutely. But, it doesn't guarantee that you'll not be able to buy a car, or a house or move into an apartment or get a job.
Also, there are many states that it is illegal for insurance companies to base your rates on your credit score. FYI, it IS legal in Michigan but State Farm does NOT credit score. They base their rates on your driving record, etc. not on your credit score.
Edited 2/15/2009 12:38 am ET by earnhardt.jr.fan
Good info again Brandee.
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