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In the last article I spoke about debt settlement programs and whether it pays to agree to one or not. Keeping all of this information I relayed to you in mind, if you decide that debt settlement is not the best option for you, there are four other main choices: stay delinquent, come up with extra cash to make payments, work with a credit counselor, or file for bankruptcy. Staying in delinquency will simply make your credit score lower, and the longer you wait, the harder your score will be hit. Just one thirty day late payment can cause your score to drop by up to one hundred and ten points. Ninety days? You are currently three times as late with your card payment, and you are only getting later as more time passes by. Coming up with extra money to make payments might just be worth your while. Take a look at your finances and budget. Is there anything that can be adjusted, or sold? Use any extra money to pay your debt and prevent any further damage to your credit score. For a lot of us, budgeting isn't as easy as that. If you need outside help, seek out a credit counselor. They will get to the bottom of the problem, and find a solution. Additionally, you also have the ability to consider filing for bankruptcy. This means that you will not have to pay back the debt, but filing will cause your credit to drop even more than a debt settlement will, by as much as two hundred and forty points. If you are considering bankruptcy, have a consultation with a bankruptcy attorney to discuss the details. Keeping everything in mind, analysts claim that speaking with a good credit counselor is the best option. They can help you assess your financial situation, offer possible alternative options, and show you how to avoid making the same mistakes in the future.

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