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rsa4704

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If i join a debt managementplan.. How bad will this impact my credit?
I am considering using a debt management plan but hesitate because they have to close my credit card accounts as part of the plan and Im not sure if this will ruin my credit score worse than just continuing to try to pay them off on my own?

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Your credit score will take a big hit, but if you're being crushed under debt and high interest rates; it might be the only way to go. You can try asking the credit companies to lower your interest rate, but I'm sure they will want the accounts closed. Have you tried or received an invitation for a 0 interest credit card to transfer your debt to? A lot of credit companies offer 15 to 18 months no interest. This gives you a chance to pay the debt off. I don't know your limits or debt to income ratio Or credit score.

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