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It will provide, at least, a short term credit score improvement. However, in the long run it can have a negative effect. I have no mortgage debt, use 3 credit cards and have a car loan. My score stays low because the percentage of my non mortgage debt to total debt is too high. Ridiculous? You bet! However, more important than a credit score is that you will be free of that obligation and, if you are prudent, you will be less vulnerable to the economics of our society.
I also have considerable credit card debt...never late on payment but always only minimum. I have recently gone through a divorce and unfortunately used my credit cards more than ever. I hope to regroup now with selling my house and downsizing to a condo. I am looking to purchase a condo for 30K, with 25% down...I am curious if my debt ratio will effect the approval for this new mortgage?
Hi again! I thought you were very helpful before,,, I sold my house (15k less than planned) I am still deep in credit card debt. I am paying approx $800.00 or more each month in minimum payments. The stress is really getting to me...I just need help to consolidate these debts...I've asked this question to others before and just get vague answers or too intellectual answers that I can't really understand. Can you please give me any idea of what to do or who to contact to get a loan or something...I am desperate...
Before I rate your response , I just want to tell you how your words and advice have inspired me! Your suggestions sound like the BEST response I have EVER received from anyone on justanswer! Thank You Sincerely
Happy New Year! Ok here is my next question...I have a small business for 10 years....just since my divorce (2years ago) have I gotten in this financial trouble. I've had to pay for all of my household expenses with no help from my ex husband. I finally sold my house and got rid of that debt...now I am trying to focus on getting my store back in financial shape. I'm wondering if I "sold" my store to my mother..to include all equipment and stock...would I then be able to file bankruptcy. If so is there a minimum amount I am allowed to "sell" it to her for? THANKS
Well, I certainly don't want to do anything illegal...to read what you replied in black and white...sounds like a stupid question in the first place!! I should've known that already! What if I did bankruptcy for my personal debt...Will it affect my business or my new husband (2 months) ...I've been sole owner for almost 10 years. If I could get rid of my cc debt and a loan I still owe 30k on...I could bring my business back. Any advice I will welcome! Thanks!