Call Us Today! 1-877-570-1313

if your $46,00 in debt, is it better to do debt managmement and take 10 years or is it better to do debt settlement and have bad credit for 10 years? Either way? HELP!!

Hello, this is a choice that only you can really make. It depends on what you are the most comfortable with and what your personal plans are for the next 10 years. How important is your credit score to those plans? Do you plan on buying a house? Will you need a loan for other reasons? What do you expect your income growth to be over that time period? Etc…etc.

The damage (and subsequent recovery) to your credit will vary on many factors and may not take 10 years as you mentioned. While some actions will remain noted on your report, that does not mean that you cannot take other steps to rebuild your credit after debt relief which will make the debt relief “mark” less of a factor when someone is determining if they should give you a loan or not.

With that much debt, a management program will be a very slow process however, it is less risky than a settlement program which can have you out of debt in under 3 years. Which are you more comfortable with? You need to learn as much as you can, speak to reputable companies, and do your research before deciding. Eventually you will come to a conclusion as to what you feel is best for your situation.

Sorry to be so vague but there is really no “right” answer – it’s what’s right for you that matters.