debts

January 23rd, 2012 by Questions

I was a fool and maxed out my credit cards because my husband had gambling debts.
It is extremely difficult for me to keep up with all these payments. My credit rating is excellent. What should I do to maintain my excellent credit rating?

Posted from: Quebec

Questions

One Response to “debts”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The only way to protect your credit rating is to either continue to make your payments as they become due, or get a consolidation loan. If you are unable to make these payments you may have to consider options to deal with the debt that will have an impact on your credit (i.e. consumer proposal or a bankruptcy).

Although I will offer you this, most people make the mistaken assumption that just because the credit bureau says you have good credit, that isn’t necessarily reflective of your actual credit. When you go into the bank to apply for any type of credit, yes they pull your credit history, but that is only one part of the equation. Your bank will also look at the level of your debt before they will determine your credit worthiness and this is often the downfall of people’s perceptions of their credit rating. So take your “credit rating” with a grain of salt.

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