Comments on: Bad Credit? Want To Repair It?

By: George

George — Sun, 15 Mar 2009 05:09:30 +0000

I dont usually comment, but after reading through so much info I had to say thanks

By: » Bad Credit? Want To Repair It? Credit Repair on Credit Speak: Find Info, News and More on Credit Repair

Thu, 13 Mar 2008 00:14:03 +0000

[...] Bad Credit? Want To Repair It? Posted in January 17th, 2008 by admin in Uncategorized Info On Credit Card Debt Â» Consumer Debt Consolidation | Student Loan Bill Consolidation | Unsecured Debt Consolidation Loan placed an interesting blog post on Bad Credit? Want To Repair It? [...]

By: Dawn

Dawn — Sun, 20 Jan 2008 03:00:54 +0000

Also, if you carry multiple credit cards with debt, keep your eyes open for “low-rate balance transfers.”

I once wiped out almost $9,000 worth of debt on one card by doing a balance transfer with 2 percent interest (v. the existing 17 percent). Then I did the same thing again and I’m working on paying down another card.

The warning there is do not charge up the card you just emptied, of course. Put it in the freezer, tear the thing up if you have to, but do not use it.

Great column, Julie, and very worthwhile for many people!

By: Julie Fletcher

Julie Fletcher — Sat, 19 Jan 2008 04:15:33 +0000

Hi Mark. Thanks for your comment. The deal I was referring to is one you will sometimes receive from bill collectors offering you a much lower payoff from the original. It is on a contract and you have several ‘coupons’ to choose from. I have seen several of these that friends have shown me. I advised them to take it, becausee according to the ‘coupon’, the debt would be wiped clean and there would be a written record of that in case they ever needed to show proof of payment.

Thank you for your advice, it will help clarify what I wrote, sorry for the confusion.

By: Mark Enderle

Mark Enderle — Fri, 18 Jan 2008 12:50:07 +0000

Hi Julie. I would like to state that one point in this article may be counter-productive for some of your readers. You mention that is a creditor offers a payment deal, for the consumer to take it. In a small percentage of cases, this is a good idea. In the vast majority of cases, this is a terrible idea, when it comes to someone’s credit score. When “lesser” payments are made over time, the creditors will report these payments increasingly late. For example, if they need to be paying $100 a month, but are only paying $30 a month, the credit will show these folks down 30 days, then 60 days, then 90 days, etc. I have seen it many, many times. So, I thought you might want to know this, because making payments over time is almost always a very bad idea. What makes more sense is to negotiate a payoff for much less than full balance, and be done with it. Some people can not do this, but if at all possible, and one time payment is far preferable to payments over time. Also, payments over time will cost the consumer a boatload of money.
Anyway, hope this has some value for you. Be well, Mark Enderle