Robert Powell Special to USA TODAY Published 11:43 p.m. UTC Jul 18, 2018 Question: I’m 64. My credit score is about 656. For different reasons over a long period of time — including unemployment and health issues — I accumulated credit card debt of about $50,000. I intend to take out an unsecured personal loan, but I don’t want it to have a negative impact on my credit score. I have a job now and I will pay my monthly payments on time. But what will happen if I cannot continue my payments to the lender? If I should file for bankruptcy, which is worse: defaulting on credit card debt or an unsecured personal loan? If I try to negotiate a reduction of my debt with the creditors, do you think this procedure will be successful and not take too long? And what is a nonprofit debt relief company/agency, and how could they help me? Bottom line: What strategy would you implement to resolve the debt problem if you were in my place? Do you think I could avoid bankruptcy? Answer: An unsecured personal loan can be an effective way to consolidate debt without hurting your credit score, as long as you can make all… Read full this story
- Americans are rapidly shrinking their credit card debt during the pandemic
- Credit card, loan and overdraft payment holidays to be extended for millions on Friday
- Coronavirus impact | Significant drop in approval rate of personal loan, LAPs, says report
- Credit card and loan payment holidays given to 1.7m Brits in coronavirus outbreak – here’s what to do next
- RBI Moratorium: Postponing credit card dues will mean paying exorbitant interest costs
- Struggling credit card borrowers to be offered lower repayments and £500 interest-free overdrafts to be extended
- Millennial Money: Is it OK to never have a credit card?
- Coronavirus: Virgin Atlantic rescue hinges on £200m credit card deal
- Massive surge in number of Brits being rejected for credit – and it’s only going to get worse
- All you need to know about loans against insurance policies
- Three families in five on Universal Credit forced into debt during lockdown
- Loans for goals: 5 steps to use leverage for your financial well-being
How do I get out of $50,000 in credit card debt: personal loan or repayment plan? have 351 words, post on eu.usatoday.com at July 18, 2018. This is cached page on Konitono. If you want remove this page, please contact us.