Debt consolidation

[Anonymous 1]

Talk to me about it. It is worth it? How bad will it hurt my credit? Bezt company to use?

Im in alot of debt and I am tired of being broke.

[Anonymous 2]

Talk to me about it. It is worth it? How bad will it hurt my credit? Bezt company to use?

Im in alot of debt and I am tired of being broke.

From my understanding they aren’t good.

You give them all your debt info and they give one figure that you pay them. They then pocket some and send the rest to your debts....they also don’t always negotiate with your creditors so your credit can take a hit.


Your best bet is to call each creditor and explain the situation and see if there is something you can do on your own.

You could also look at bankruptcy or just not paying the debt. It really depends on your state and their laws when it comes to debt and I know there are people who don’t agree with just quitting paying a legit debt but that option may be out there.

[CotterpinDoozer]

From what I understand some can be very predatory and hurt more than help. As the poster above said, it might be best to contact each creditor and work out a payment option. Sometimes they are willing to settle for a lower amount.

[WickedPissah]

Either work on paying it with each one or file bankruptcy.

[Anonymous 3]

Debt consolidation companies often sell debt settlement programs, which can have a negative impact on your wallet and credit score.
Debt consolidation is a do-it-yourself strategy that you control. Enrolling in a debt settlement program puts you in the hands of debt relief companies that may or may not successfully settle your debt.

[Traci_Momof2]

We did a debt management program (different from debt consolidation I believe) and it worked for us. Just find a few companies, call them and ask your questions, and do what feels right to you.

[Valentina327]

What #2 said was solid. Many times they'll work with you; lower your interest rate, settle for less than owed, etc. if they have to write the debt off then sell it, they take a huge haircut. Usually they'll work with you if you're since about repayment. Best of luck! You'll be so happy when you get a clean slate!

[Anonymous 4]

I use consumer credit. They charge $5 per month for each account. It has not hurt my credit. When I enrolled I was not behind, just to much debt. My program is for 4 years and it will be paid off. All went down to 0% and I had to close the account.

[Anonymous 5]

I took out a loan to pay off my CC debt instead. It was gone in 3 years. Best decision I could have made.

[Anonymous 6]

I use consumer credit counseling . My credit score took a hit . But it’s not like I could take out loans or more credit anyways. I should have it paid off in about two years. Don’t do consolidation , you will have to pay taxes on that amount