Question: Im 64. My credit score is about 656. For different reasons over a long period of time including unemployment and health issues I accumulated credit card debt of about $50,000.
I intend to take out an unsecured personal loan, but I dont want it to have a negative impact on my credit score. I have a job now and I will pay my monthly payments on time. But what will happen if I cannot continue my payments to the lender? If I should file for bankruptcy, which is worse: defaulting on credit card debt or an unsecured personal loan?
If I try to negotiate a reduction of my debt with the creditors, do you think this procedure will be successful and not take too long? And what is a nonprofit debt relie…
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