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Hello,

Wanted to know if anyone has tried credit counseling or debt management program? If so, does this affect your credit score significantly? My salary has been cut for the 2nd year by 6k p/yr and have just about gone thru my savings to keep up with my debt. Do have 401K with a loan on that too. No sure I'll be able to do the debt snowball without some relief. My unsecured debt is 42k not including my house and my salary is now 54k p/yr. Trying diligently to get a 2nd job. Just not sure what my next move should be at 59 years old. Do have a home I'm paying on, but needs fixing up in order to sell.

Any advice is appreciated.

pjean
 

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59. Won't be a popular reply but here goes ... since your salary has been cut 2 years in a row. Have you considered bankruptcy? Been there done that. No condemnation from me. What money we did have was spent trying to pay bills that we KNEW weren't going to be able to be paid off. We beat the proverbial "dead horse". I would never ever do that again. Check with an attorney but the 401K wouldn't matter. You would keep it. But if you lose the job I think.. not positive.. the loan on the 401K could be called in for pay off.

The debt counceling... they really can't do anything that you can't do yourself.
 

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Niko~ I’m right with you! And, yes we filed bankruptcy too and I’m tired of feeling quilty because of it..it is what it is and time to move on.
 

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I don't really think that debt counseling is a worthy option. Haven't heard anything about debt management programs, but don't think they're effective. I'm 26yo but have already got several loans from different banks and credit organizations, and sometimes couldn't pay the fee. The debt was a common thing for me, so I understand your feelings. It's hard to get another loan with such a credit history, but I found at yhdistalaina.com the possibility to get it online. Don't know if it's safe enough, but I'm gonna try it.
 
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