What is the best way to get rid of depth, consolidation?

Question

I have maxed out on my 2 cards and they total about $12,000. I am trying to find information on consolidating my depth and I heard that they can sometimes erase your depth? Just need some info and any experience since I heard that I am not the only one who has ever had this problem beofre, thanks.

Answer 1

Most of the debt consolidation companies you see advertised on TV our scams - stay away from them.   The only legitimate way to consolidate your debt is to pay off credit cards with a loan, a home equity line, or another credit card that has a lower interest rate.  

With that said, you would be better off using whatever money you have to start paying off the credit cards.  Extra job (temporary), garage sale, ebay sales whatever it takes.   Once your debt is paid off it's like getting a big raise.    

Also, put yourself on a budget now.  Spend less than you make and stay out of debt.   I was in a similar situation years ago and it is a huge relief and sense of freedom when you don't owe anyone any money.

Good Luck.

Answer 2

The best way to get rid of depth is to fill it in with dirt.  

Actually, I suspect you mean debt.  And while it may sound sarcastic, the only real way to get rid of it is to spend less than you earn, and use the excess money to pay it down.