subject: Debt Help - Would You Accept A Lower Credit Score To Eliminate 60% Of Your Debt? [print this page] Most individuals react to any suggestion that may lead to a reduction in our credit score like a bull that reacts to the red flag. However, before you react in this manner, just take a minute to answer a few questions.
- Do you know the exact amount you owe to all your lenders?
- Do you know how much time you need to repay all your debts in full?
- Can you afford to spend so much time and money repaying your debts?
- Have you protected yourself and your family from any sudden contingency or emergency? We are not talking about insurance here. Do you have liquid cash to protect your loved ones in the event of any emergency?
- Do you enjoy a high credit score? If yes, then let me tell you that you are a member of a very exclusive club. Not many individuals in America today have a high credit score.
- What do you value more? Your credit score or the safety and welfare of your family and loved ones?
- Will you sacrifice your credit score if you can get rid of 6/10th of your debt without payment of even a single cent?
I am sure you must have concluded by now that elimination of your debt is more important and protection of your credit score. If you do not have many debts against your name, you are better protected against emergencies. You can now withdraw money from your credit card account or opt for a pay day loan to meet any sudden cash requirement. On the other hand, a high credit score will not be of any use in an emergency. It is advantageous only when you are opting for long term loans like a loan for house, car or college.
In the current recessionary economy where unemployment and inflation are very high, having the ability to generate cash quickly is more important than having a high score. Hence, you should make use of debt settlement and other remedies to get rid of debt. A low score is a small price to pay for the sense of financial security.
If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.
