Did Good Credit Leave You Lots of Debt?

The one thing that good credit can certainly assist you in doing, as it does for many consumers, is get you into unbearable and perpetual debt. For most people, the only way to pay down these accounts is if they had a windfall income, like winning the lottery. This is humorous for many people to hear, but once reality is understood, it should be frightening.

Creditors will give you more and more credit as long as you are able and willing to make regular and timely minimum payments. Once you reach that limit of not being able to make timely payments, the creditors report to your credit file that you are a higher risk of nonpayment and increase your interest rate and minimum payments. The credit history also facilitates one creditor in communicating this new level of risk to other creditors, so all of them can view your credit file and determine for themselves that it is time for them to increase your interest rate and minimum payments as well. debt managment program

Just because you have large debts and/or are not able to pay on the schedules dictated by your creditors, it does not change the person you truly are. Equate this to how drug dealers give free drugs to children at school. Then when they are hooked, sell it to them at very high prices. You have been taken advantage of, robbed.

Good credit did nothing for you but enable creditors to steal your net worth and cripple your ability to invest in your future. Good credit supports you in betting against yourself and transferring your wealth and potential wealth to creditors.

Your credit history will eventually appear the same as if you simply stopped paying, mostly with charge offs. Collection agencies negative remarks do not usually show up on the credit report because of how the account is disputed. If an account is in dispute, federal law restricts what can and can not be reported to a consumers credit report from a collection agency. In essence, you are trading bad credit in exchange for the cash saved by not paying these credit statements.

After completion of the Credit Card Debt Relief Program solutions for restoring credit by removing derogatory items are then presented.

Bankruptcy is not private. It requires disclosure and liquidation of all assets and debts and ruins your credit history for a minimum of ten years.

 Ultimately, you’ll want to restore your credit. You want to have a credit score above 700. As a member of the Program you have the option of cleaning up your credit and having that credit score you want. These additional options are available only to our customers.

1 response to Did Good Credit Leave You Lots of Debt?
  • Sandra

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