Wednesday, August 17, 2011

Credit Counseling: Damaging as Bankruptcy?

Dear Bankruptcy Adviser,
I recently went through a divorce and was unable to pay my credit cards. I went to a credit counseling agency for assistance. They were able to lower my interest rates and lower my monthly payments. I am now able to make the payments. When I have applied for credit, the lenders tell me credit counseling is equivalent to filing bankruptcy. Is this correct? If so, wouldn't it be better to file bankruptcy and not have to make the payments?
-- Clint

Read the answer at Fox Business

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