401k Loan To Spend Off Credit Card Debt – Any Threat?

Credit Card Settlement Credit Score

Debt settlement is an option to consider if you are deeply in debt. Debt settlement also known as debt negotiation can reduce debt by 40-60% of amount owed. Though debt settlement can help consumers when their debt has becomes unmanageable it can leave a short term negative credit impact.What is Credit Score?

A credit score in the high 700’s is considered a good score with 850 being a perfect score.

Debt Settlement and Your Credit Score:

A chapter 7 bankruptcy stays on your credit report for 10 years and chapter 13 bankruptcy stays on your credit report for 7 years. If you had a strong credit history before settlement, and your other debts are current your credit score will improve after the initial drop with debt settlement. Payment history accounts for 35% of your credit score.

Credit Card Settlement Credit Score

Hector Milla Editor of the “Credit Card Debt Free” website — — pointed out;

Further information about trusted and reputable companies for credit card debt settlement by visiting;