specifically credit card debt. i have a lot and the finance charges are pretty much washing out my monthly minimum payments, which are high. anyone have any experience with a good debt consolidation company or any suggestions? Thanks!
Hi - Debt consolidation companies will leave you with all the debts you have now AND a fee for debt consolidation. Don’t bother using one.
Call the credit card companies, tell them your problem, tell them you don’t want to have to declare bankruptcy (the magic word), ask them if they can please let your next couple of payments all be applied to principal. You’ll be amazed.
Most debt consolidation agencies are just scams. I suggest you try talking to a non-profit credit counseling agency first. Try Consumer Credit Counseling Services or American Debt Solutions Inc.
Consider debt settement. Less payout than debt consolidation and faster payoff terms. You willl face credit damage but its usually better than bankruptcy. Feel free to contact us:
Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors. This is advisable when your credit score is good as if you have low score then you will get a high rate. But this loan will improve your credit score as subsequent payments are made to pay off the new loan.
Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.
One of the company which I know is You can visit the website for more information.
There are big differences between debt consolidation and debt settlement. I don’t recommend debt settlement at all. Many of those companies can make things worse because even though you give them money towards your bills every month, they don’t pay your creditors until the creditors have agreed to accept a lesser amount for your bills. That can take months (or longer) and you continue to get billed, interest and late fees will still be added and you can be taken to court. Plus you pay a huge admin fee to start the settlement process (several hundred dollars) and you pay a fee each month.
I highly recommend debt consolidation, though, because they do pay on your bills for you every single month. It’s true that there is a fee involved, but it’s much less than with a settlement company. Many of them have a free consultation, so if you don’t think it’s for you after talking to them, then you’re not out any money.
I also higly recommend asking a lot of questions before you get into a contract with any company. Be sure you know how much their fees are, when they’ll pay your creditors every month and what will be reported on your credit report.
Debt consolidation is one possibility, but not always the best one.
There’s a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
How to Stop Escalating Debt
You can also look here for tips on earning some extra cash online:
How to make money on the internet, scam-free
Lastly, here’s an interesting alternative to conventional lending…getting a “social networking” loan from Virgin Money (from the same folks who run Virgin Airlines):
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
8 responses so far ↓
1 Irish Contrarian
Hi - Debt consolidation companies will leave you with all the debts you have now AND a fee for debt consolidation. Don’t bother using one.
Call the credit card companies, tell them your problem, tell them you don’t want to have to declare bankruptcy (the magic word), ask them if they can please let your next couple of payments all be applied to principal. You’ll be amazed.
Good luck -
2 yoko1san
Most debt consolidation agencies are just scams. I suggest you try talking to a non-profit credit counseling agency first. Try Consumer Credit Counseling Services or American Debt Solutions Inc.
3 Jason B
Consider debt settement. Less payout than debt consolidation and faster payoff terms. You willl face credit damage but its usually better than bankruptcy. Feel free to contact us:
4 Jody S
Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors. This is advisable when your credit score is good as if you have low score then you will get a high rate. But this loan will improve your credit score as subsequent payments are made to pay off the new loan.
Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.
One of the company which I know is You can visit the website for more information.
5 Dippy D
There are big differences between debt consolidation and debt settlement. I don’t recommend debt settlement at all. Many of those companies can make things worse because even though you give them money towards your bills every month, they don’t pay your creditors until the creditors have agreed to accept a lesser amount for your bills. That can take months (or longer) and you continue to get billed, interest and late fees will still be added and you can be taken to court. Plus you pay a huge admin fee to start the settlement process (several hundred dollars) and you pay a fee each month.
I highly recommend debt consolidation, though, because they do pay on your bills for you every single month. It’s true that there is a fee involved, but it’s much less than with a settlement company. Many of them have a free consultation, so if you don’t think it’s for you after talking to them, then you’re not out any money.
I also higly recommend asking a lot of questions before you get into a contract with any company. Be sure you know how much their fees are, when they’ll pay your creditors every month and what will be reported on your credit report.
6 Riya
Just try the below one:
7 dave
Jimmy,
Debt consolidation is one possibility, but not always the best one.
There’s a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
How to Stop Escalating Debt
You can also look here for tips on earning some extra cash online:
How to make money on the internet, scam-free
Lastly, here’s an interesting alternative to conventional lending…getting a “social networking” loan from Virgin Money (from the same folks who run Virgin Airlines):
Social Loans from Virgin Money
Hope these help.
8 Jennifer
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here: