Question : Has anyone actually had success using those debt consolidation companies?
I'm wondering if anyone has had any success using those debt consolidation companies and if so, what's the process of it? How does it work and will it really work at lowering your interest rate/debt owed? And what company(ies) did you use? Thanks!
- asked by MiM
All Answers:
Answer #1
No, they just screw you over in a different way.
- answered by Jay J
Answer #2
Dept consolidation does not fix the problem. Armyourself with knowledge!Get the book "Total MoneyMakeover".Learn more at www.daveramsey.com
- answered by peedeesuave
Answer #3
Don't do it! I know a ton of people who used thoseso called "debt consolidation" companies who wentfurther into debt over them. No matter what, youwill always owe what you did not pay.. .often theypromise to remove things from yourcredit.....don't fall into this, you can disputeinaccurate things yourself. In the long run, youmay end up owing the debt consolidation companyitself....which could be worse!Stop charging,start paying cash. Pay all your current billson-time, and keep current accounts in goodstanding current and in good standing.Review allyour credit reports, then learn how to live on abudget so you can start paying off your debt. Ex:shop cheaper, eat in instead of out, temporarilyforfeit the lavishes you do not NEED, like a $70bottle of lotion. I find eBay and Craig's list area great place to sell things you do not use. Youcan get extra $$! One of the first steps tocontrolling debt, is controlling the way you spendmoney. Especially if you are spending money you donot have! Then, make arrangements through the mailonly with your collectors. Work out a deal you canafford. Ex $50 a month to each delinquent account.Then ask for a letter of deletion once the debt ispaid off. Make sure you get this in writing ifthey agree.As far as lowering the finance charges,you can request that yourself. Just write and ask.Or, if it is your credit card company, just calland ask.Good Luck!
- answered by pamela L
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measure and fulfill your financial needs
