Consumer Credit Check
Q: I just went to a meeting with Consumer Credit Counseling, and found I could get rid of my debt in about 6 years at $530 or so a month, but, then they said that it would show up on my credit report for 7 years AFTER it was all paid off. So, my other option is Chapter 7. Which would be worse - have "bankruptcy" on my credit report for X # of years (is it 10?), or go the Consumer Credit Counseling route?
A: A bankruptcy will be on your credit report for 10 years, Assuming that you would wipe all debt with the CH7, you would be paying $31,800 more for getting 3 YEARS MORE of blemished credit history by going with Credit Counseling. ,asshole cards like American Express,First USA and a few others RAISE your interest to 24.9 when you go onto CCCS. That is why I went with Chap 7. I was payign $1200 a month to interest,about $50 total over 8 cards was going to the balance. Don't believe all the naysayers about not getting credit after a bankruptcy. Car dealers and credit card companies purchase the public records of who filed banlruptcy and offer them credit almost immediately after discharge, it may be a lot higher interest than normal, but it IS possible. .