I'm not an insurance expert and I think life insurance can be a different case because what you're insuring against (your life) will have a major impact that would be hard to prepare for in other ways. I think a lot of other insurance, however, buys only peace of mind, and costs way more than you'll ever get.
My credit score is more important than getting out of debt. Debt can be paid off over time whereas a credit score can affect you immediately in terms of employment (some companies check credit scores!), buying a house, etc.
Being debt free is super important to me & I would take a hit to my credit score to be debt free!! It's so tough, though, because so many things depend on you having good credit. I'd still go the debt free route, better sleep at night.
We had to make this choice recently to sell our house. We decided to keep our credit standing in good shape and took the hit on the house. We knew we could build back our savings/IRAs but could not do all the other things we needed to do if we trashed our credit.
So, no I / we would not ding the credit to get out of debt.
I probably would...being debt free would bring so much relief. There is so much pressure every month to make the monthly payments..just not enough money to go around!
Absolutely. Being debt free is more important to me. I'll never be able to afford a house so I don't need the credit score for a mortgage. I never plan on moving so I won't need the score for a new apartment. I live in an area with good public transportation so I don't need the credit score for a car. I'd have amazing peace of mind being debt free and could always work to build my credit score back up. Plus, being debt free would allow me to focus on creating an emergency fund and saving for retirement instead of being solely focused on digging my way out of debt. I could look toward the future instead of paying my way out of the past.
If I were deep in debt, I would risk lowering my credit score to resolve my debt issue, because if you are unable to keep up with monthly payments, it is only a matter of time before your credit score is going to hit rock bottom anyway.
We filed bankruptcy in order to stop the creditors from calling. I don't recommend it for everyone, but it was the best choice for us (and I would do it again knowing what I know; however, we won't do that again!!). We are now back on track 2 years later, but we were at the bottom and had to claw our way up!!
No, I would not ding my credit score to get out of debt. We currently are in the excellent range and can finance just about whatever we want. Getting ready to get a larger RV, so credit score is important to us.
It depends on how much debt I'm in/what the impact to my credit score would be. I would say being debt-free is more important to me than my credit score.
Good question - not sure if I would ding my credit to get out of debt. I think I would rather have a good credit score and change other parts of my life to pay down the debt than ding my credit score.
I would ding my credit to get out of debt for being debt-free is most important to me. When we are in debts, its very hard to move on life, because we are being saddled with unnecessary burdens that come with debts, the thought of owing someone or a creditor money, and the consequences of not being able to pay up is scary and stressful. This is in turn will affect every aspect of my life individually and sometimes perhaps even those around me, like my family. And inevitably, this will decrease my quality of like as being in debt can also cause stress and more stress causes worry, tension and sickness, all of which I do not desire to have. A debt-free life is the most liberating experience one can ever have.
I think it would depend on my immediate future plans. If I were looking to buy a house in the immediate future, and I had a very good reason to believe that a similar opportunity wouldn't present itself later, I might prefer to keep my credit report pristine. But I think my gut reaction is very strongly to just get and stay out of debt and then be able to save money.
I would 100% take a hit on my credit to get out of debt. However if was trying to buy a house i would have to take a deeper look to see how much it would effect my credit and thereby my ability to get a good rate.
Absolutely I would ding my credit to get out of debt. Once you're out of debt, you can start working on ways to improve your credit store. The debt is an absolute emergency and should be treated as such.
I would totally ding my credit to get out of our underwater townhouse. However it's a joint decision and the hubs is very serious about taking care of our own mistakes and financial problems so we are currently saving money and biding our time. Another option we are considering is renting our townhouse out and renting another home to alleviate some of the space issues as our family grows.
I would only ding my credit to get out of debt if I was certain that I would not need to take out any future loans before I could rebuild my credit score. I would focus on credit card debt, not installment loan debt.
Here's a few things I learned working as a credit specialist:
1. there's no "ding" - it doesn't make any noise at all [=
2. don't kid yourself: if your credit is going to be "ruined" by having it checked, then you didn't have "good" credit in the first place.
3. If it will get you out of debt to do it then, yes, absolutely you should have you credit pulled for the use of whoever is planning to get you out of debt and for yourself to see whats going on there.
Use it as an opportunity to learn more about what spending habits will yield a higher credit score for you and how you can get on that path. Learn as much as you can about how your credit is evaluated and how you can make it work for you. If money is power then positive credit is the access to that power.
I'm not an insurance expert and I think life insurance can be a different case because what you're insuring against (your life) will have a major impact that would be hard to prepare for in other ways. I think a lot of other insurance, however, buys only peace of mind, and costs way more than you'll ever get.
Yes! Especially when you consider how much debt many people are in.
My credit score is more important than getting out of debt. Debt can be paid off over time whereas a credit score can affect you immediately in terms of employment (some companies check credit scores!), buying a house, etc.
Being debt free is super important to me & I would take a hit to my credit score to be debt free!! It's so tough, though, because so many things depend on you having good credit. I'd still go the debt free route, better sleep at night.
I would totally ding my credit. Once you're out of debt you could (theoretically) start having the cash on hand to make up for the ding in credit.
if I was in young and in debt, I would take a ding and start over to improve my credit score
We had to make this choice recently to sell our house. We decided to keep our credit standing in good shape and took the hit on the house. We knew we could build back our savings/IRAs but could not do all the other things we needed to do if we trashed our credit.
So, no I / we would not ding the credit to get out of debt.
I probably would...being debt free would bring so much relief. There is so much pressure every month to make the monthly payments..just not enough money to go around!
Yes! I would absolutely ding my credit to get out of debt.
I would not ding my credit to get out of debt.
Absolutely! It is worth it in the long run to ding your credit now to get out of debt. Your credit score will thank you in the future!
Absolutely. Being debt free is more important to me. I'll never be able to afford a house so I don't need the credit score for a mortgage. I never plan on moving so I won't need the score for a new apartment. I live in an area with good public transportation so I don't need the credit score for a car. I'd have amazing peace of mind being debt free and could always work to build my credit score back up. Plus, being debt free would allow me to focus on creating an emergency fund and saving for retirement instead of being solely focused on digging my way out of debt. I could look toward the future instead of paying my way out of the past.
If I were deep in debt, I would risk lowering my credit score to resolve my debt issue, because if you are unable to keep up with monthly payments, it is only a matter of time before your credit score is going to hit rock bottom anyway.
We filed bankruptcy in order to stop the creditors from calling. I don't recommend it for everyone, but it was the best choice for us (and I would do it again knowing what I know; however, we won't do that again!!). We are now back on track 2 years later, but we were at the bottom and had to claw our way up!!
No, I would not ding my credit score to get out of debt. We currently are in the excellent range and can finance just about whatever we want. Getting ready to get a larger RV, so credit score is important to us.
It depends on how much debt I'm in/what the impact to my credit score would be. I would say being debt-free is more important to me than my credit score.
Good question - not sure if I would ding my credit to get out of debt. I think I would rather have a good credit score and change other parts of my life to pay down the debt than ding my credit score.
I would ding my credit to get out of debt for being debt-free is most important to me. When we are in debts, its very hard to move on life, because we are being saddled with unnecessary burdens that come with debts, the thought of owing someone or a creditor money, and the consequences of not being able to pay up is scary and stressful. This is in turn will affect every aspect of my life individually and sometimes perhaps even those around me, like my family. And inevitably, this will decrease my quality of like as being in debt can also cause stress and more stress causes worry, tension and sickness, all of which I do not desire to have. A debt-free life is the most liberating experience one can ever have.
I think it would depend on my immediate future plans. If I were looking to buy a house in the immediate future, and I had a very good reason to believe that a similar opportunity wouldn't present itself later, I might prefer to keep my credit report pristine. But I think my gut reaction is very strongly to just get and stay out of debt and then be able to save money.
I would 100% take a hit on my credit to get out of debt. However if was trying to buy a house i would have to take a deeper look to see how much it would effect my credit and thereby my ability to get a good rate.
Absolutely I would ding my credit to get out of debt. Once you're out of debt, you can start working on ways to improve your credit store. The debt is an absolute emergency and should be treated as such.
I would totally ding my credit to get out of our underwater townhouse. However it's a joint decision and the hubs is very serious about taking care of our own mistakes and financial problems so we are currently saving money and biding our time. Another option we are considering is renting our townhouse out and renting another home to alleviate some of the space issues as our family grows.
I would only ding my credit to get out of debt if I was certain that I would not need to take out any future loans before I could rebuild my credit score. I would focus on credit card debt, not installment loan debt.
Here's a few things I learned working as a credit specialist:
1. there's no "ding" - it doesn't make any noise at all [=
2. don't kid yourself: if your credit is going to be "ruined" by having it checked, then you didn't have "good" credit in the first place.
3. If it will get you out of debt to do it then, yes, absolutely you should have you credit pulled for the use of whoever is planning to get you out of debt and for yourself to see whats going on there.
Use it as an opportunity to learn more about what spending habits will yield a higher credit score for you and how you can get on that path. Learn as much as you can about how your credit is evaluated and how you can make it work for you. If money is power then positive credit is the access to that power.
I would ding my credit card because I think being debt-free is more important