i work in collections and debt consolidation cant do anything for you that you cant do yourself….they will promise to lower or eliminate your interest rate…which they have no authorization to do , if your credt is not good enough to get a consolidation loan then i would find out a total of what you owe and figure out an amt that you can afford and send it in writing to each creditor , request no phone calls , and tell them that this is all you can afford and if it is acceptable to send an agreement in writing , do not just blindly send money , i hope this helps
I did it for my mother a few months ago, she had about 6.5k in debt. I just got a personal loan in my name and paid all of it off.
The APR on most of the dept was around 20% and the total monthly payments were over $300. It is a 3 year loan at 9% APR which makes the monthly payment about $220.
It has defiantly helped her. The drop in APR will save money not to mention the monthly payment going down which helps even more.
2 responses so far ↓
1 xoxosuperboyoxox
i work in collections and debt consolidation cant do anything for you that you cant do yourself….they will promise to lower or eliminate your interest rate…which they have no authorization to do , if your credt is not good enough to get a consolidation loan then i would find out a total of what you owe and figure out an amt that you can afford and send it in writing to each creditor , request no phone calls , and tell them that this is all you can afford and if it is acceptable to send an agreement in writing , do not just blindly send money , i hope this helps
2 Seiryoku
I did it for my mother a few months ago, she had about 6.5k in debt. I just got a personal loan in my name and paid all of it off.
The APR on most of the dept was around 20% and the total monthly payments were over $300. It is a 3 year loan at 9% APR which makes the monthly payment about $220.
It has defiantly helped her. The drop in APR will save money not to mention the monthly payment going down which helps even more.