Debt consolidation...?

Question

I am trying to consolidate about $16k of credit card debt. Anybody know of any good websites to go through that wont s***w me over? And is going non-profit really as good as it seems?

Answer 1

they will try to get a monthly donation out of you so try not to give more than $5. I used one for about 2 years and went from 7k down to 700. they renegotiate your interest rate and draft money right out of your bank accoutn where you don't have to mail off payments. I used AFS or something like that

Answer 2

I used "DebtConsolidationCenter" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%. It's legitimate. I came across this company on NBC News Special Edition. Check it out here.

FREE debt consultation online. Featured on NBC. Get Your Consultation FREE of Charge:

http://www.wahor.net/debt

:)

Answer 3

Some people think it is a scam but it is not. THey do charge fee's for there service but if you dont know how to do it yourself then you should look into it. I am in the finance industry and I have hundreds of clients that have done it and everyone of them is grateful they did. I dont know what you are paying now but you could get it down to about $280 a month and be debt free in a short amount of time. Check out this blog before you do it and see if you think it is a good option for you. It will shoe you the different options and how they will effect you.

Answer 4

Debt CON-solidation is a scam.

Instead of owing 8 people $2,000 each, you owe one person $18,000 (after they tack on the fees for the "service" of taking over your debts)

Answer 5

Non-profit debt consolidation firms are one option, but I must say, they don't have a very good reputation.

There's a good article at eHow on steps to take to begin tackling your debt.  Take a look at it:

http://www.ehow.com/how_2326032_avoid-es...

How to Stop Escalating Debt

It includes information on companies that can help you with debt consolidation and reduction.  

You can also look here for tips on earning some extra cash online:

http://www.ehow.com/how_2254361_money-in...

How to make money on the internet, scam-free

Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):

http://www.ehow.com/how_2310995_student-...

Social Loans from Virgin Money

Hope these help.

Answer 6

Online debt consolidation comes in many forms, so it is important that each consumer reflects on what their needs and concerns and financial situation is before signing up for an online debt consolidation program.  The four primary concerns for most consumers are:  i) monthly payment, ii) time to debt freedom, iii) total cost, and iv) the credit rating impact of the consolidation program.  Be sure to evaluate each program, relative to your prioritization of these factors.

A site I've used for info in the past ...

http://www.safelinked.info/jump.php?link...

Good Luck.

Answer 7

"Non-profit" means only that the company has been granted that status; it does not mean that they are a charity or that they provide anything for free.

Before you choose a debt consolitation service, visit http://www.daveramsey.com or check out Dave Ramsey's book, "Financial Peace," which is available at any bookstore.

He is an authority on getting yourself out of debt without bankruptcy or debt consolidation, and is heartily against both.

Debt consolidation is a racket. They charge you more of what we already know you don't have enough of in order to arrange to pay your bills.

If you do decide to go with a debt consolidation company, get everything in writing. EVERYTHING. Rely on NO verbal promises. Check with the Better Business Bureau, www.ripoffrecord.com and the Office of Consumer Affairs of the State's Attorney General. (This one is in the blue pages in the middle of the phone book under the State listings.)

Remember that once you sign up with a debt consolidation outfit, the debt and the responsiblity for it are still yours. You still get a monthly bill that you must open and verify the payment. If the service misses a payment, you can be permanently removed from the program by the creditor and have no further opportunity.

If you can avoid debt consolitation, by all means do. If you don't feel you can, be really careful.

I've written several articles about debt consolitation on http://www.ehow.com -- you might want to check them out.

Answer 8

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://twurl.nl/8pk4ux