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Credit counseling vs. credit negotiation vs. anything better


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Posted by Confused (69.137.69.210) on February 26, 2004 at 18:15:31:

Hiya . . .

I am 31 and in over my head.

I have credit card debt of around $27,000 with 7 cards. After taking a substantial pay-cut, I now find myself 2-3 months behind on all of them & with no idea who to trust. Up to this point my credit has been very good.

I have been talking to a Credit counseling service and am considering taking that route. The payment is something I think I can handle, but it's very close.

Now a Credit negotiation company has contacted me, claiming they are the smarter way to go. Obviously the payment plan would be easier ($450 vs. $650), but I'm afraid that having all my accounts go to collection will damage my credit even more. Then there is the chance of judgements against me, and although he said they can usually avoid that, I don't know what kind of chance I would be taking.

Maybe I'm missing the boat completely and you all can give me the best plan of action for my situation.

THANK YOU SO MUCH FOR YOUR TIME!!!!!!!!!!

This is the only place I could find to give me honest answers)

E



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