Posted on 05 August, 2012 | No Comments
News from Fox Business:
Dear Opening Credits,
I have decided to look for a debt management plan (DMP) to enroll in. The decision was based on the fact that, although my credit score is good currently (I’ve just purchased my first home), it doesn’t look like I’ve made a dent in my debts (roughly $ 40,000).
I had been paying slightly more than the minimum payments until the past year. I have always made my payments and never used to pay my bills late nor been delinquent until recently. Now with the price of gas and daily living expenses continuing to increase, I find it harder and harder because of living from paycheck to paycheck.
I’m hopeful this plan will get me out from under this before I retire. Right now, I have a mortgage and HOA fees, which I pay on time. How severely do you think my credit score will be impacted if I use a debt management program? Most of the debt management programs I’ve researched say they will close all my credit cards (but I might be able to keep one card for emergencies). I have always heard not to close credit cards because it would bring down your credit rating. The balances on the card……………. continues on Fox Business