Divorce Doesn't Have To Ruin Your Credit Rating

Excerpt : In 1996, I divorced my wife and with that divorce came the normal dividing of property and assets. There also was the discussion regarding our credit card debt. We were married for 5 years and used


In 1996, I divorced my wife and with that divorce came the normal dividing of property and assets. There also was the discussion regarding our credit card debt. We were married for 5 years and used the credit cards as a couple, but the credit cards were in my name only. Sadly, it became my responsibility to pay for the huge debt that we had created together.

If you find yourself in a situation like this, you are not alone. Experts say there has been a 20 percent rise in bankruptcy filings, and it is estimated that a large part of this is due to

Practical Solutions To Divorce & Custody Concerns Also see : DYI Divorce Papers DYI Divorce Papers are easy to be filled. It is a sole responsibility of the parties involved to fill up the papers in such divorces. You can always get the necessary packet of DYI Divorce Papers by going to a bookstore or office supply store, or by...read more Divorce and Health Insurance Benefits Divorce causes major issues with health insurance benefits. Many families have employer provided and/or paid for health insurance benefits that cover the entire family. It is not uncommon to see situations where the other spouse is a stay at home...read more

divorce. But don't worry, if you find yourself in this situation, you will have several options. One thing you could do is file for bankruptcy. Statistics show that many people are doing just that. But you should know that if you choose this option, a bad mark will stay on your credit report for ten years. Another option would be to simply make the payments. But for many people, after going though a divorce, they find that living on one income is a difficult adjustment, and are forced to only make the minimum payments. That can take what seems like a lifetime, to

Also see : 7 Ways to Rediscover Your True Passion After Divorce Going through a divorce is a very challenging time in a person's life. It is hard to adjust to being single again, as well as living "out of the habit" of being married, especially if you have been married for many, many years. Eventually,...read more Extramarital Affair: Should You Get A Divorce Just Because One Of You Had An Extramarital Affair? Having to deal with an extramarital affair can be a life-changing event, regardless of whether you stay married or not. Inescapable feelings can come over both people that will never be forgotten by either of them. The person who actually had the...read more

pay off your debts. For example, if you have a debt of $25,000 and are paying an average interest rate of 18%, it would be thirty-two years before you paid off that debt! You could be paying for those purchases well up into your 60's or 70's!

Another option is to seek out professional help. There are several non-profit organizations that specialize in debt relief, and many people seek this type of help after a divorce. Here's how it works. For a small fee of around $14.00 per month debt relief companies will analyze your credit card debt,

Also see : Divorce and Alimony Formula In divorce, a common question is, "what is the alimony formula". Well, there really is no set alimony formula for divorce. This is in complete contrast to child support, which is decided based upon a specific formulas in each state. Alimony is based...read more Social Security Benefits After Divorce Divorce does have some effects on social security benefits. The basics are quite simple. If you are entitled to receive social security benefits based upon your own earnings record, you will, of course, be able to collect social security after...read more

living expenses and income in order to determine what type of repayment structure would best work for you. They will then contact your creditors and work with them regarding interest rates, late fees, and payment amounts. Because credit card companies understand that divorce is one of the leading causes for bankruptcy, they usually won't have a problem working with the credit repair company. After all, they do want their money!

Non-profit agencies do not report credit counseling to credit bureaus, but most credit card companies do. You may see this

Also see : "Divorce Reasons; What Constitutes A Viable Reason For Thinking About Or Wanting A Divorce?" According to the Center for Disease Control's National Vital Statistics Report of 2002, 50% of first marriages ended in divorce and 60% of remarriages end in divorce. But, the Center for Disease Control also found that 96% of Americans express a...read more Reasons For Divorce; What Constitutes Viable Reasons For Thinking About Or Wanting A Divorce? According to the Center for Disease Control's National Vital Statistics Report of 2002, 50% of first marriages ended in divorce and 60% of remarriages end in divorce. But, the Center for Disease Control also found that 96% of Americans express a...read more

as a negative thing, but many people don't. Credit counseling can be explained a lot more easily than bankruptcy. And bankruptcy is often a deal stopper for someone trying to buy a home, or even purchase a car.

While you are in credit counseling you will not be allowed to retain or apply for a credit card, but for most people who find themselves in this situation, that can be a relief. Think about that as you are cutting them up into little peices. I know I did. And with each chunk of plastic that fell in the trash, it was a chipping away of the old

Also see : Five Christmas Survival Tips For The Divorced & Single Parent For the over 50% of marriages that end in divorce, Christmas can be a hugely trying time. Since the season is one of the most stressful times of the year anyway, this onslaught of raw emotion to the divorcee can be overwhelming. This is...read more The Basics of Divorce Law - Child Support According to Meislik & Levavy, the underlying principle behind child support is that "children of divorced parents have a right to be supported in accordance with the standard of living they had during their parent's marriage. The amount is based...read more

and a birth of the new. There's a feeling of relief that comes over you when you know you don't have to worry about those mounting credit card bills. And when you are going through a divorce, the more relief you can get, the better.

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If you would like to get more credit information you can visit our website which contains many credit resources. http://www.my-credit-report.info This article is copyright 2005, but can be freely reprinted, as long as no changes are made, including hyperlinks.

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