Debt Management Info Blog

soonerfan0808 asked:


I just posted about co-signing for my husband who has horrible credit(25,000).. but got to thinking. We pay all of our bills on time NOW and he doesn’t miss payments. The debt he has is old debt(charge offs). I just printed off a report for him on www.freecreditreport.com so I can figure it all out. Anyways, I want to find debt counseling or a debt consolidation agency that can help him clear it up. What site can you recommend?
Thanks!

Confused lady! asked:


I am in dyer need to clean my credit. My score is 528! Yikes! I have late payments, charge offs, and collections! I just enrolled in a debt management program to get the bills paid off. in addition I am planning on paying on these bills as well to cut them down faster. (Should I?) I am so confused on this credit thing! What do I need to do or am I doing the right thing? Will paying on these bills monthly actually raise my score or do I need to pay them out completely? I was told that if I could get a credit card and make on time monthly payments My score will raise but is there a credit card that I qualify for that doesn’t require a bunch of fees? (Paying fees first isn’t credit) I am skeptical about using cards outside of the USA. Just give me anything that you think can help me! PLZ!!!

VT asked:


The person who came to me for help: $40K income, healthy, in debt US$140K (yes, one hundred forty thousand dollars) ($60K student loans in forbearance, $7K auto loan, the rest unsecured debt: $50K is maxed out credit card debt, mostly at default 30+% rates and the rest is loans from friends. About $1K in tax liability.). Some debts are freshly (30 - 60 days) delinquent, but none has gone to collections yet. No previous BK, charge-offs, collections or judgments. All 3 Credit reports have no serious errors, FICO scores unknown. Person is motivated, has already shown me recent credit reports and bills, cut up credit cards, developed detailed list of assets (car + $3K in illiquid assets + $1K cash) and liabilities, and is writing a monthly budget.

What do you advise?

Is the Consumer Credit Counseling Service Debt Management Program the best solution? What are your successes or failures with the CCCS DMP? Costs and benefits? Please answer the questions I’ve asked. Thanks.