Whats the general opinion on debt consolidation businesses being on the up and up?

Question

Whats the general opinion on debt consolidation businesses being on the up and up?

Answer 1

The big lie is, what they never tell you, is that debt consolidation ALWAYS costs you more money in the long run.

The worst ones charge you up front, then a percentage, and you are far worse off than before.

Answer 2

Almost all are fraudulent.  And most charge you for things you could do yourself, like a letter to the credit-card companies to inactivate your account so you don't charge anything else on it.

If they claim to be non-profit, walk on.  They will rip you off, often stealing your identity in the process.

There is legitimate Chapter 13 bankruptcy debt consolidation, BUT GO THRU AN ACTUAL ATTORNEY!

Answer 3

Some are legit, some aren't... but all of them are looking to make a buck.  They will help themselves to a slice of whatever deal they get for you.

So you have to consider if their service is worth the cost; they can't necessarily do anything for you that you can't do for yourself.

Answer 4

It has a good chance of being legal, if that is what you mean. Whether it will help your situation much is another question.