Managing your debt well and getting your financial life on track will actually raise your credit score. But it takes time to get back to better scores and get lower interest rates. You need to have patience RE-ESTABLISH your credit step by step.
The debt managing company helps in restructuring the debt by negotiating lower finance charges, interest rates and get financial penalties removed. A debt managing program is the final chance to redeem your credit. Make sure to be faithful and stick to the deadlines with the debt managers. Once you join such a program you 申請債務舒緩 will be required to close all your credit card accounts so that you do not start to run up more debt.
Debt restructuring and consolidation programs are basically meant for people who have a monthly income and can make a monthly payment on their debts but just need a little help in getting the monthly payments reduced. If you are suffering from severe financial hardship and cannot make a monthly payment then you need to seek legal remedies.
Normally repairing your credit rating after a bad spell of debts takes 7 years. However if your accounts are paid off it should actually raise your credit faster.
A word of warning is appropriate here. Stay away from credit repair agencies. They charge a lot for things you can do yourself and many times they don’t help. Restoring your credit is doable. Debt management companies help to restructure and help you plan the debt settlement. It takes time, diligence and lots of patience. You could be back to a respectable credit in a short time.