“So again, I ask, in what way is what I said misinformed? I would love to hear your take on everything.”
Had you used an attorney based program for settlement, 1. all accounts would have showed paid when you finished, 2. the same creditors will line up to extend credit to you again, 3. folks that have financial hardship (not gaming the system) will never pay taxes on the forgiven debt, and 4. I agree if one has the cash to pay it, that is the best thing to do, but if one did, they would not post the question or be pondering raiding retirement to pay off UNSECURED DEBT.
If someone who’s credit cards are maxed thinks they have “almost perfect credit”, they are mistaken, because any time a revolving account gets above 50% of the limit, you are loosing 10% of your credit score on a monthly basis….even if you never miss a bill, you will eventually be under 500 fico as a result of high balance compared to the limit.
The problem with the mortgage and credit crisis is that folks GET THEIR INFO FROM MARKETING AND ADVERTISING WHICH SERVES THE PURPOSE OF KEEPING YOU ENSLAVED IN DEBT, like the majority of Americans. This lack of understanding has been demonstrated here today in detail….
Please do not kill the messanger. We are entitled to our opinions, but not our own facts.
Better yet, transfer the balances around, and lower your scores further and rent forever—better yet, use your 401k to PAY UNSECURED DEBT, like a good debt slave. Then go vote for McCain, enlist in the Army and be fodder for the next 100yr war.
Tranfer balances—cut your nose to spite your face—I’m trying to help, but the unhelpable cannot be helped. Keep living large, charge it, pay mins…YEAH! RAH RAH.
ONE MORE THING EINSTEIN, REAL ESTATE NEVER GOES DOWN.