How long does credit card debt forgiveness stay on your credit report?

Are you thinking about enrolling in a credit card debt forgiveness program? These programs may be able to help by reducing the amount of money you owe to credit card companies through negotiations. But, there's a drawback to consider. Credit card debt forgiveness can cause your credit score to drop substantially. Most credit card debt forgiveness solutions tell you not to make payments on your credit cards.

If you take the debt consolidation approach, you may improve your credit score. That's because your credit utilization ratio is an important factor in determining your score. By paying off your credit cards with a new loan, you'll substantially reduce this ratio. That is, as long as you keep your credit cards open, which may only be wise if you trust yourself not to overuse credit in the future.Find out how much relief credit card debt consolidation can provide now.

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