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041103s
Guest
What is the name of your state? texas I would like to know how debt consolidation will effect your credit.
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0
041103s
Guest
I understand that there are a lot of scams out there, but I need help. My credit Is still good, and I would like to keep It that way.
The problem Is I have substancial debt and can't afford to pay the credit card companys what It would take to get ahead. I don't want to file for bankruptcy, so that Is why I wanted to know about going through a consumer credit councling service to do debt consolidation. Any help would be appreciated.
The problem Is I have substancial debt and can't afford to pay the credit card companys what It would take to get ahead. I don't want to file for bankruptcy, so that Is why I wanted to know about going through a consumer credit councling service to do debt consolidation. Any help would be appreciated.
bearfootball
Member
they are all scams. Here is a simple answer...
Call the CC companies yourself and tell your situation. In MOST cases they will lower the monthly payments or the interest rate. If the person you call doesn't want to work with you, thank them, and call back in 5 minutes...you might get someone else that is willing to work with you.
Call the CC companies yourself and tell your situation. In MOST cases they will lower the monthly payments or the interest rate. If the person you call doesn't want to work with you, thank them, and call back in 5 minutes...you might get someone else that is willing to work with you.
J
jrcole24
Guest
debt consoildation is a scam
i work for a credit card company...most of the debt management companies are scamers...they wait and wait to make arrangements w/the card companies some case waiting until the account charges off and they buy it for less and have you pay them a larger amount...a lot of those companies are being audited by the irs...be carefull.
i work for a credit card company...most of the debt management companies are scamers...they wait and wait to make arrangements w/the card companies some case waiting until the account charges off and they buy it for less and have you pay them a larger amount...a lot of those companies are being audited by the irs...be carefull.
They are not all scams.
Four years ago I went through a debt consolidation for similar reasons: I had substantial debt (thanks to my now ex-husband) and a good credit I did not want to ruin. They set up a schedule for me and I was able to pay everything off in 2 years instead of 15. Except for a few very minor glitches everything went fine.
Most of my credtit cards reduced or eliminated interest and changed my due dates to coincide with when my consolidating company was sending them paymnets - this way I avoided late fees.
As for the effect on my credit: I had a total of 6 accounts consolidated. 3 of them were reported as being in debt consolidation (Sears and GM). Of the 3 credit bureaus, only one reported Sears and GM as a potentially negative item.
It is now 4 years later and my credit is rated as "very good" with a very high credit score.
So, for me, it was well worth it. And it saved my a lot of money in finance charges.
Just remember to investigate the consolidating company. Check if they are licensed in your state, if they have non-profit status and if there were any complaints filed against them.
Four years ago I went through a debt consolidation for similar reasons: I had substantial debt (thanks to my now ex-husband) and a good credit I did not want to ruin. They set up a schedule for me and I was able to pay everything off in 2 years instead of 15. Except for a few very minor glitches everything went fine.
Most of my credtit cards reduced or eliminated interest and changed my due dates to coincide with when my consolidating company was sending them paymnets - this way I avoided late fees.
As for the effect on my credit: I had a total of 6 accounts consolidated. 3 of them were reported as being in debt consolidation (Sears and GM). Of the 3 credit bureaus, only one reported Sears and GM as a potentially negative item.
It is now 4 years later and my credit is rated as "very good" with a very high credit score.
So, for me, it was well worth it. And it saved my a lot of money in finance charges.
Just remember to investigate the consolidating company. Check if they are licensed in your state, if they have non-profit status and if there were any complaints filed against them.
There are a few (very few) reputable 'debt consolidators' out there..... and lots of horror stories about the bad ones. For more on them, go to:
http://www.creditinfocenter.com/FeaturedArticles/ameridebt.shtml
http://www.komotv.com/buyerbeware/story.asp?ID=27238
http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm
http://www.msnbc.com/news/984248.asp
http://www.businessweek.com/magazine/content/01_44/b3755094.htm
http://abcnews.go.com/sections/GMA/GoodMorningAmerica/GMA021121Debt_consolidation_hobson.html
http://www.debt-consolidation-plus.com/articles/article-7.html
http://www.creditinfocenter.com/FeaturedArticles/ameridebt.shtml
http://www.komotv.com/buyerbeware/story.asp?ID=27238
http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm
http://www.msnbc.com/news/984248.asp
http://www.businessweek.com/magazine/content/01_44/b3755094.htm
http://abcnews.go.com/sections/GMA/GoodMorningAmerica/GMA021121Debt_consolidation_hobson.html
http://www.debt-consolidation-plus.com/articles/article-7.html
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