ABSOLUTELY! My husband and I did this, and we have not looked back. We got in over our heads (yes, it was our own stupidity!). When we realized we would never be able to make any progress, we proceeded with debt settlement. It was incredibly difficult, and our credit scores took a major hit (not a ding). We have lived on a cash only basis for over five years, and it is amazing. We have purchased a car, gone a vacation, and paid for our daughter's braces - all without owing anyone anything. Our new motto is "if we can't pay for it, we don't need it!" I really figured living with a low credit score would be difficult, but it hasn't been. We have a nice "emergency fund", and we have been able to start college funds for all three kids. Plus, now that we are not paying off debt, we have been able to max out our contributions to our retirement funds each year. If you can live debt free, I highly recommend it!
I wouldn't ding my credit. My credit score is important and I'd prefer to learn to live within my means to get out of debt. Unless one learns how to get out of debt, they'll likely keep taking on more debt.
My credit score is what got me into trouble in the first place! I closed some accounts while I was getting out of debt, and I didn't care: I just wanted to be free!
I haven't applied for new credit in years, and with the exception of a mortgage, I don't intend to ever again. We're currently saving for a 20% down payment, and intend to request manual underwriting when we apply for home loans.
I would definitely ding my credit to pay off my debts. This would be an easy decision for me, as credit scores would be repaired over time. Also, once debt-free, I do not plan to take out any loans or create new debt, therefore, my high credit rating would not be as significant.
No, I just couldn't do it. I had to claim bankruptcy years ago and have struggled to regain my credit rating. I try to live by the cash only policy but have had to use a credit card for gas and groceries a few times.
Glowing credit scores are not as valuable if you're broke. Plus, those credit scores will be affected with increasing debt. Take the hit now for a better future.
If your kids like to spend the day at the beach, they'll be covered in sand by the end of it. Sprinkle some baby powder on your hands and wipe off the sand, and it'll come right off.
I'd be more inclined to ding my credit than stay in debt. That's a choice I made, reluctantly, fifteen years ago. My credit has since recovered. (Phew!)
I have worked in the finance industry and have found that it doesnt really hurt people as much as you would think, so yes I would ding my credit if it meant getting out of debt.
For me, it would depend on how much I was in debt. At my current rate of debt, I am making aggressive payments while drastically cutting my budget in order to pay it off quickly. If my debt was much higher, I would probably take the ding to pay it off more quickly - and save a bit on those hellish interest rates. You can start improving your credit right away, after all. It takes time, but it will improve again.
I would try everything I could not to ding my credit. My brother had to ding his credit many years ago and he had to pay such higher interest rates on his mortgage. I'd really try not to be in this position as much as possible.
Being debt free is more important to me as it gives me a peace of mind and will help me to look forward to my family's future. I have small kids and ensuring they don't have the burden of my debt and that their future is secure financially is very important to me.
I would sacrifice the score to get out of debt. I've done it before and it was worth it. I worked with a debt management company to start tackling my debt. It wasn't easy because part of the terms required closing all of my accounts, which lowered my score. However, at the time, it needed to be done so I could finally make some progress on my debt and get my spending under control. Now, the debt is gone and my score has increased significantly.
I would normally say yes, but I recently learned how important your credit score can be. Whether it's getting a car loan or even applying to lease an apartment. I think maintaining your credit score might be worth the extra effort and debt (unless the debt is overwhelmingly large!).
I would certainly consider taking a hit to my credit score in order to pay off a presumably substantial ($25k+) amount of debt. If I didn't plan to buy a house or make any similar major purchases within the next few years, then I think it's worth the tradeoff. If I were older, I don't think it would make sense to ding my credit in order to get out of debt.
Oh yes. I could have added that one too. I don't know if the idea that you should stick with one career is wrong so much as a bit of a relic from a time when there were things like pensions to hang on for!
I wouldn't ding my credit to get out of debt since I have seen some bad examples in my life.
Do the job on your own and you can possibly preserve your credit score. I wouldn't damage my credit unless I had no other way.
No question. My credit is pretty great to start with, it heals itself over time, it's not like I'm gonna be looking for more loans in the near future!
I would ding my credit to get out of debt. Being debt free is more important than a good credit score to me.
The AM04 does not double as an air conditioning unit. It is a fan that multiplies the air and also heats the air depending on the temperature setting.
I would unless I had a house purchase on the way. To me, credit score doesn't matter that much.
ABSOLUTELY! My husband and I did this, and we have not looked back. We got in over our heads (yes, it was our own stupidity!). When we realized we would never be able to make any progress, we proceeded with debt settlement. It was incredibly difficult, and our credit scores took a major hit (not a ding). We have lived on a cash only basis for over five years, and it is amazing. We have purchased a car, gone a vacation, and paid for our daughter's braces - all without owing anyone anything. Our new motto is "if we can't pay for it, we don't need it!" I really figured living with a low credit score would be difficult, but it hasn't been. We have a nice "emergency fund", and we have been able to start college funds for all three kids. Plus, now that we are not paying off debt, we have been able to max out our contributions to our retirement funds each year. If you can live debt free, I highly recommend it!
I wouldn't ding my credit. My credit score is important and I'd prefer to learn to live within my means to get out of debt. Unless one learns how to get out of debt, they'll likely keep taking on more debt.
My credit score is what got me into trouble in the first place! I closed some accounts while I was getting out of debt, and I didn't care: I just wanted to be free!
I haven't applied for new credit in years, and with the exception of a mortgage, I don't intend to ever again. We're currently saving for a 20% down payment, and intend to request manual underwriting when we apply for home loans.
I would definitely ding my credit to pay off my debts. This would be an easy decision for me, as credit scores would be repaired over time. Also, once debt-free, I do not plan to take out any loans or create new debt, therefore, my high credit rating would not be as significant.
No, I just couldn't do it. I had to claim bankruptcy years ago and have struggled to regain my credit rating. I try to live by the cash only policy but have had to use a credit card for gas and groceries a few times.
Glowing credit scores are not as valuable if you're broke. Plus, those credit scores will be affected with increasing debt. Take the hit now for a better future.
If your kids like to spend the day at the beach, they'll be covered in sand by the end of it. Sprinkle some baby powder on your hands and wipe off the sand, and it'll come right off.
I dont think I would do it from everything I've read about doing it, its not really a good decision for me.
I'd be more inclined to ding my credit than stay in debt. That's a choice I made, reluctantly, fifteen years ago. My credit has since recovered. (Phew!)
I have worked in the finance industry and have found that it doesnt really hurt people as much as you would think, so yes I would ding my credit if it meant getting out of debt.
For me, it would depend on how much I was in debt. At my current rate of debt, I am making aggressive payments while drastically cutting my budget in order to pay it off quickly. If my debt was much higher, I would probably take the ding to pay it off more quickly - and save a bit on those hellish interest rates. You can start improving your credit right away, after all. It takes time, but it will improve again.
I would try everything I could not to ding my credit. My brother had to ding his credit many years ago and he had to pay such higher interest rates on his mortgage. I'd really try not to be in this position as much as possible.
Being debt free is more important to me as it gives me a peace of mind and will help me to look forward to my family's future. I have small kids and ensuring they don't have the burden of my debt and that their future is secure financially is very important to me.
I would sacrifice the score to get out of debt. I've done it before and it was worth it. I worked with a debt management company to start tackling my debt. It wasn't easy because part of the terms required closing all of my accounts, which lowered my score. However, at the time, it needed to be done so I could finally make some progress on my debt and get my spending under control. Now, the debt is gone and my score has increased significantly.
Yes---debt and the interest that pile up are crippling over the long run, and you can rebuild your credit score over time.
I would normally say yes, but I recently learned how important your credit score can be. Whether it's getting a car loan or even applying to lease an apartment. I think maintaining your credit score might be worth the extra effort and debt (unless the debt is overwhelmingly large!).
I would certainly consider taking a hit to my credit score in order to pay off a presumably substantial ($25k+) amount of debt. If I didn't plan to buy a house or make any similar major purchases within the next few years, then I think it's worth the tradeoff. If I were older, I don't think it would make sense to ding my credit in order to get out of debt.
No, I would not add any additional "ding" to my debt, it's just more debt!
Oh yes. I could have added that one too. I don't know if the idea that you should stick with one career is wrong so much as a bit of a relic from a time when there were things like pensions to hang on for!