Bill consolidating finance poor credit

These debt relief programs don’t have a negative impact on your credit but may limit your credit options for their durations.

Bankruptcy: This should be a last resort as it negatively affects your credit for many years.

When you start pursuing debt management options, you may get mixed messages from people in the debt relief industry.

Because there is no general industry consensus as to what the best ways to manage debt are, we have narrowed down your options.

These programs take around two to four years to complete and negatively influence your credit.

While having one low rate and one payment is an attractive option, many people end up in similar or worse financial situations when attempting credit card debt consolidation.

According to Cambridge Credit Corp., a nonprofit credit-counseling agency, 70 percent of Americans who take out consolidation loans end up with the same or more debt after two years.

Debt Management Program: These programs often work hand in hand with credit counseling.

During this program, you receive financial counseling and meet with a financial advisor.