Debt Management vs. Debt Settlememt

[HOpelssOtimist]

Standard story; I am self-employed, my income decreased, I made up with credit card as next month was going to be better, next month never came. I am now knee deep in debt and considering either a) reducing the interest rate or b) reducing the debt.

b) is more advantageous financially as my interest rates are already pretty low. However the way to get to this point (not paying for several months) is pretty scary to me. Can I legally get more in trouble by witholding payment than it is worth for the money saved?

If b) is OK, how can I tell I am dealing with a reputable company. BBB does not rate this kind of buisness (I checked) and their "affiliation" is just like a club and not an independent mean to set some standards.

Thanks

 

[army judge]

Standard story; I am self-employed, my income decreased, I made up with credit card as next month was going to be better, next month never came. I am now knee deep in debt and considering either a) reducing the interest rate or b) reducing the debt.

b) is more advantageous financially as my interest rates are already pretty low. However the way to get to this point (not paying for several months) is pretty scary to me. Can I legally get more in trouble by witholding payment than it is worth for the money saved?

If b) is OK, how can I tell I am dealing with a reputable company. BBB does not rate this kind of buisness (I checked) and their "affiliation" is just like a club and not an independent mean to set some standards.

Thanks

The only sure fire (and legal way) to address burdensome debt is declare and file bankruptcy.
Anything other than BK, can cause more troubles than you can imagine.
So, if your debt is weighing you down, see a bankruptcy attorney.
Discuss your options, and decide accordingly.
Do anything other tan declare BK, you could find the outcome less than satisfactory for you.

 

[disagreeable]

The easiest thing to do is pay them off.