ok here is my question regarding debt snowballing...
Date: Thu, 07/10/2008 07:13
myself and my wife have about $76,000 in debt between credit cards, car loans, student loans etc. I have a bunch of credit cards with small to medium balances. I just read "The total money makeover" and we are on board and just did our budgeting, and emergency fund. I just did our debt snowball chart. My question is... my credit is shot to hell as it is... should I look at settling a lot of my smaller to medium balances and getting them out of the way so we can start tackling the larger ones? Any input would be greatly welcomed
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.