I have heard from many reliable sources that those credit card consolidation companies are frauds. What are other ways out of tough financial situations?
2006-08-03 06:46:47 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
go to your local financial institution and try to set up a consolidation loan. Or go to a state credit counseling office
2006-08-03 06:50:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't know your spiritual preferences, but I highly recommend Dave Ramsey (daveramsey.com). The man is a genius when it comes to money. He'll even tell you himself he's been broke twice, and it took him that long to figure out he couldn't live life like that, and developed this system that has worked for him and for so many others. Also, on his website, he has a place where you can listen live. I suggest getting on and listening sometime, see what you think, and go from there. I bought his book and love it! My husband and I were in a tight spot, and with Dave's help, we got through it. Just check it out. But I would definitely NOT recommend bankruptcy. That will follow you for the rest of your life. Just suck it up and pay it all off. After all, at some point in the middle of acruing all of this debt, it had to cross your mind that you will have to pay it back. All that Dave Ramsey does is give you a good system for paying it off.
2006-08-03 15:03:28 · answer #2 · answered by CF 2 · 0⤊ 0⤋
CCC Christian Credit Counselors is the most reputable service in the field.
There are others that are honest, as well as those that are not.
Basically, they have to be a "non profit" to be allowed to work with the creditors on your behalf. They get paid by the creditors for providing the service to you.
Any one that says you pay, run away.
Sell everything that isn't nailed down. Eat beans and rice. Get a second job. Delivering pizza is an excellant part time job.
Pay the minimum on everything but the ssmallest bill, putting everything you can on it. Then snowball your way to the largest bill.
I reccomend Daveramsey.com
2006-08-03 13:55:40 · answer #3 · answered by shaker454 2 · 0⤊ 0⤋
You personally can attempt to negotiate settlements with your creditors. Be sure that you have made a feasible plan first for repayment of your debts. Try not to go the bankruptcy route unless you are truly unable to pay any amount of your bill.
2006-08-04 01:14:17 · answer #4 · answered by Freddie 3 · 0⤊ 0⤋
We didn't like those CCC companies either and just went bankruptcy.
Thing is though, I think the new law says you have to go that route first before you try to file bankruptcy.
Another option is to really tighten your belt and try to pay things off.
We've been there.
2006-08-03 13:52:45 · answer #5 · answered by ? 6 · 0⤊ 0⤋
The laws have changed so much recently you really should consult a bankruptcy attorney to know for sure.
2006-08-03 13:53:58 · answer #6 · answered by eehco 6 · 0⤊ 0⤋