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Debt Consolidation!! What Do I Do???


Guest luckyfsu13
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Guest luckyfsu13

I am starting to get to the point where I can't afford my monthly bills. I am thinking I need to consolidate so I can afford to live again. I am current, but I am starting to get to the point to where I can barely pay my bills each month. Soon, I will not be able to pay all my bills, and thought debt consolidation was the way to go.

Can anyone tell me what I should do? Any good debt consolidaiotn companies?? Any bad ones??? Any info would be appreciated. I am currently looking at three debt consolidaiton companies:

1) CreditSolutions

2) Debt Relief USA

3) Consumer Debt Solutions (CDS)

Any info about any of these companies is appreciated. Thanks for all your help!

Brad

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You should call each of your cc's and explain the situation. Ask for the hardship department, or if they say they don't have one, ask for a manager.

Tell them you can't afford to make the payments and ask if they can do something to help (usually they will stop interest and fees). They will likely close the account in return, but it's better than going delinquent on them.

This is all the consolidation companies do really, however they charge you some pretty large fees to do it. Yes, they do have agreements with some of the banks, but try hard enough and you should be able to get the same results.

Some companies may flat out refuse to work with you, but many, especially considering the economy today, will choose to get the principle back and forgo the profit just to ensure that they don't end up with nothing. If you get nowhere with all the cc companies, you could start over and use the phrase "chapter 7 bankruptcy" in your conversation. That may turn things in your favor.

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I agree, you can do this by your self. Contact your credit card companies first and ask what kind of programs they have to assist you in making your payments. They will close your accounts, but you can get as little as 1% interest along with your smaller payment for the credit cards. You may even be able to get 0% interest, but it depends on the company. Start by calling the credit card companies and see where you get before you venture to someone else.

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Before you make any decisions...

Do a search on the net for 'truth' and 'Consumer Credit Counseling', "Debt Managment Program" and "Debt Consolidation". Once you weed through the marketing info, there's a lot out there.

Find a couple of people in your vicinity who have gone through it. Speak with them directly about their experience and results.

Beware, be aware and be informed before you make your decision. It will impact your life for the next decade. Good luck!

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