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Credit Consolidation Companies-what's worked?


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I think Willingtocope and Shadokeeper are correct.This site can help you do it all yourself. Or you can call and get help from this site and or order this sites book. The book can help you do it by yourself also.


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They take your money and put it into a "trust" account. You make monthly payments to build up the account. All the while you are thinking that your debt is being "consolidated", with the ability to pay less than what you owe.

Technically that is correct. However what you don't know is that the money you are paying every month is not being applied towards your debt, but rather put into your "trust" account until you have defaulted so bad on your credit cards/debts that the creditor is willing to negotiate for a lesser amount, thus "reducing" the debt you owe.

In the meantime, you have royally screwed your credit rating since all your accounts are severly in default and you are likely paying the debt consolidation company a fee for doing this.

I think they should be outlawed quite honestly.

I had some elderly clients call me up wanting to refinance. They are in one of these programs. They were so excited about paying off their debt earlier than anticipated, but they did not fully understand how it worked and thought their credit was impeccable, until I informed them otherwise.

Their credit reports were littered with lates, collections and chargeoffs and unfortunatley I was unable to help them.

I did call up the debt consolidation company and give them a piece of my mind though.

What a joke. :roll:

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