difference between all these debt consolidation?

Question

what's the difference with these debt guys?? consolidation vs. debt settlement vs. coucling services?????
how do you choose which services to use? there's sooo many. and i know i need to be real careful with choosing one. does anyone recommend one they have used? i'd love info fill me in please.
so far i think american debt control sounds good anyone know anything about them?

Answer 1

The big question is what are you looking for? If you really want help digging out of debt - and consolidating your debts could be a part of it- then go to a credit counseling service that can set up a program for you.

The link below is for the national organization of credit counselors. I've heard of Consumer Credit Counseling Services- a non-profit with offices all over the country (just type that in to Google and you'll see). I think that is a great place to start since they have all the services out there to help get you turned around.

I would avoid any credit card companies, finance companies, etc. All of those will probably turn out to be a scam whereby you'll wind up with a lower payment that you will never be able to pay off (thanks to a really high interest rate).

American Debt Control is not a non-profit. They may be very good, but that will mean you may wind up paying a lot for their help. So I would be cautious about that. Non-profits are not all great either, but at least you know they are not out to enrich themselves at your expense.

Answer 2

Lots--- Consolidation is the best way if you can. Get a fixed rated loan that has a decent interest rate. Most Americans don't know that by paying minimum amounts on revolving debt (i.e. credit cards) is so stupid. A $2,000 balance on a credit card at 18% interest and making minimum payments takes 33 years to pay off. So you can see a consolidation loan even if it is mortgage on your home is still best.
Settlement of a debt for less than full will be reported in your credit file and gives a negative connotation to any future lender.

Credit counseling is viewed as a chapter 13 bankruptcy. If you are going that route then just file the wage earner plan in Federal Court and make payments that way. It is generally a 5-6 year monthly payment. It will remain a part of the credit file for 7 years. A chapter 7 Bk will remain there 10 years after discharge.
Credit counseling services WILL TRASH YOUR CREDIT ANY WAY! they have to in order to get your lenders to accept payment the way they want to pay them+ they charge you to do it for them.
I hope this helps you.

Answer 3

Debt Consolidation
http://www.complete-debt-info.com/category/Online-Debt-Consolidation.html

Answer 4

There are a lot of debt consolidation schemes, but it depends on your circumstances as to which would be best for you.

My advice is to do your own research. This website has a load of information and useful links and you should be able to work out what would be best for you.

Good luck!

Answer 5

I'm also considering consolidating. To get an idea of your monthly payments, go to consolidated credit.com and you can get an estimate online. Then, use that as a base and check around to see if you can get a better deal.

Also, check the BBB on each company!

Answer 6

You should really re-think doing this. These types of organizations specialize in charging you a lot of money while ruining your credit. There are other, better ways to manage your debt that won't do so much damage.

Answer 7

Not sure all the differences but beware... A lot of scams...

I learned firsthand with a scam of a consolidation service.

Answer 8

What Is A Debt Consolidation Company
By: Talbert Williams

This article will answer part of your question...plus, you are welcome to look around the site and learn more.

Good Luck!

Answer 9

sorry am not familiar to debt consolidation...