2006-08-23 18:02:36 · 4 answers · asked by tamps 1 in Business & Finance ➔ Credit
basically they call your creditors and make a deal with them, and you pay them a fee. BUT, truthfully they cannot make any deals w/ your creditors that you cannot make yourself, and actually don't have the access to enough of your info to make the best deal possible. they sound like a great thing, but basically they are just asking for fees for something you could do a better job at, and sometimes those fees are really high
2006-08-23 18:05:23 · answer #1 · answered by wondering 2 · 0⤊ 1⤋
Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster. But the fact remains that debt consolidation is not easy all the times. If you owe a lot of money, obtaining a consolidation loan at the lower rate of interest can be difficult. Choosing a high interest loan can increase your debt.......
2006-08-23 23:52:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
i dont think its a good idea... it will screw up you credit score longer than a bankruptcy would. because the tradeline shows that its being settled for less than agreed, lenders dont like that on your report cause they dont think you pay your bills well enough. But you still have to pay the bill and once paid it stays on record for like 7 years.. bit im not an expert.. just dealt with it back in 1996.. decoded to do BK instead, that way I didnt hae to pay the bills and now its off my record
2006-08-23 18:06:50 · answer #3 · answered by Amy R 1 · 0⤊ 0⤋
it doesnt fix your credit if thats what you mean
2006-08-23 18:09:12 · answer #4 · answered by mike L 4 · 0⤊ 0⤋