No. of Recommendations: 0
Well, my advice in this case would be, "If it ain't broke, don't fix it." It sounds like the CCCS is working well for you, and you're well on the way to being debt free. Any damage the CCCS would have done to your credit rating has already been done anyway.

I don't doubt that you could take over now and get rid of the debt yourself without their help (and it indeed would be a good learning experience to do so). But if you're close to being done, I'd stay on it.

As far as its affecting your credit rating, I think the consensus here is that it is bad, but not as bad as a bankruptcy. Since you've already got a house and presumably a working car, and since you won't be needing the credit cards anymore (right??), you'll be able to recover from the credit rating hit relatively easily.

You could (and probably should) do the math on your current debt situation and see what it would be like to take over and DIY, but I'd be willing to bet you won't get a better interest rate (or even as good) as you've already got through CCCS.

I think if it were me, I'd hang tight and finish up with CCCS - but do what you did with your raise and accelerate the process as much as possible...


i'm a foolish newbie so i'd like to get some feedback with my financial situation. here goes:

i'm a 27 yr old professional and i have about $13k in cc debt (from frivolous college living). a couple of years ago, i was having a hard time making my minimum payments, so i joined
a reputable cc counseling service. they reduced my interest rates, and consolidated my payments into one payment a month.

since then, i've gotten a better paying job (around $60k a year) and i've more than doubled my monthly payment through this counseling service. i should be out of debt in 2-3 years.

will my being on this counseling service drastically hurt my credit rating? i should be out of debt in a short time, and the cc counseling service helps me accomplish my goals. i should
note that i bought a home before i joined the cc service. will the fact that i've gone through this service hurt me much, even though i'll be debt free?

thanks for any input. and i enjoy this forum very much.
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