When You Can't Find Help With Credit Problems

When you have really bad credit, you often lose that ability to stretch your budget, and often cannot find anyone who is willing to help with your credit problems.

There is help out there, if you know where to look. In most cases, you will not be able to resolve bad credit issues with more credit. You need to consider debt consolidation and credit solutions that help you negotiate payoffs on your credit accounts. Non-profit debt counseling agencies can help you develop a repayment plan that will get you out of debt within three to five years. Instead of making multiple credit card payments, you can make one payment to the debt counseling agency and they will distribute the funds to the credit card companies. Once you have made three to five months of on-time payments with the agency, they are normally able to reduce your interest rate and payoff amount with each credit card company significantly.

You will most likely be required to close your credit accounts. You may also have the information reported to your credit report, but this will be less destructive to your credit rating than multiple late credit card payments or bankruptcy.