now my major concern is my credit rating.  so i really want to know how long a default remains on ones credit.  is there a time limit?  or does it remain there until some payment agreement is reached with the collection agency or the debtor files for bankruptcy in which case the credit rating remains same for another 7 years.  i would really appreciate any advice/info regarding this matter.  one final thing i would like to mention is that i don't have any other loans besides my student loan.  don't even have a credit card.  

 

cheers 

 

Bankruptcy proceedings cannot support retaining satisfactiory credit holdings and standings. When you run out of money and Boardwalk and Park Place are positioned with hotels, and you happen to owe more than you could ever repay in a lifetime, then you are bankrupt.

 

Being in default with student loans is not the end of a person's "credit life". I have shown this to people many times over, and there MANY people here who have succeeded because of gaining this understanding. If you go by a piece of paper with a bunch of statistical data on it that depicts you as something you are not, then you have to look at that as just statistics. That is the problem with statistics.

 

If you want to get a credit card, think outside of the bankruptcy box.

 

 

 

 

I do want to point out that bankruptcy is not a bad thing when the situation warrants such an action. However, it is a bad thing if it is abused, or if it is approached prematurely. You have to remember that the bankruptcy sector is in the business to bankrupt you, and they are not able to do anything for you other than that. They cannot give you your credit back, nor can they defibrilate it back to life. The bankruptcy sector thrives on people in debt, and the only pitch they can use is the "fresh start" one. I don't think that the bankruptcy sector is being deceptively creative in their advertising of a fresh start approach. It is just a perspective on what they think insolvency actually represents for a consumer, but I think that they are not seeing the bigger picture. Bankruptcy is advertised quite heavily, just as much as the non-profit debt poolers out there. The so-called non profit and not-for-profit debt poolers are really what consumers have to be cognizant of because they are really not what they make themselves out to be. For instance, the term "consolidation" or "debt consolidation". Consolidation means to "combine". Non-profit credit counseling orgs do not do that, but they imply that they do that. "Debt consilidation" by definition (or interpretation) means to roll one or more debts into one new loan. Non profits are not lending institutions or credit grantors. The term "debt consolidation" is an "attractor" to the consumer market, so they use it that way. They collect money from you and pay to "each" of your creditrs while taking a commission from the creditor (new form of collection agency). The financial community has a unique relationship with these non-profit groups.  

 

anyway, more later.

 

Johnny