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does the debt consultant program affects my credit in a long run?

i contacted a debt consultant and was told that i can decrease more than half of what i currently owed the credit card. but the program required me to stop making paying and wait for their negotiation. i know that's going to affect my credit really bad, but how about after i settled all the debt, would my credit comes back up? i am planning to buy a house in the near future, would the lender see this as a negative? or should i not use to program if i am planning to buy a house?

Asked By: rl861 - 1/5/2010
Best Answer - Chosen by Asker
What keeps most people in debt is the fact that they keep spending more money than they make. They look at the "monthly payments" instead of the total debt loan that they are carrying. People need to stop spending now and concentrate on becoming debt free. Please do not consolidate or use a debt reduction company . It... More
Answered By: Jeanne R - 1/9/2010
Additional Answers (4)
No
Answered By: Natascia - 1/5/2010
 
As you know, debt settlement is the process in which you stop paying your creditors for some time and save that money so that you can then negotiate with them to settle the debt for a lesser amount... More
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Answered By: Mia Jacob - 1/8/2010
 
Hi, Hope this info will help you. I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It's legitimate . I came across this company on NBC News Special Edition.Check it out here: http://CreditSolution.ez-mart.biz
Answered By: Jennifer - 1/8/2010
 
That is called debt settlement... More
Answered By: redwolf470 - 1/11/2010
 
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