2006-10-11 10:55:48 · 4 answers · asked by Frank 3 in Business & Finance ➔ Credit
Yes and no. most of the big one's are run by credit card companies, (a fact they try to hide.) They are really more like collection agencies that have the clout to lower interest rates and make it easier for you to manage your debt. Other companies may be less effective and trying to lock you into what is effectively, long term loan to THEM!. Make sure the one you choose is well known, cleared by the better business bureau and NONPROFIT! Approach them carefully and don't take any high pressure tactics to lock you in. Debt sucks and either way you have to learn to relieve it and manage it well now, so it doesn't hang over the rest of your life.
2006-10-11 11:07:42 · answer #1 · answered by who da wha? 4 · 0⤊ 0⤋
Credit counseling services are usually not good. Very few of them are run by someone who will show you many different options. Most want you to get a loan from them, or work for a bankruptcy lawyer. Most debt consolidation loans are poor choices, anyway. Usually you can get yourself out of debt quicker and cheaper. Just list all of your debts, smallest to largest, along with your monthly payment. For many people their smallest debt is a small gas card or something like that. Do whatever necessary to pay it off fast. Have a garage sale, take a 2nd job, etc. As soon as this debt is paid, apply what was your monthly payment on that debt to your second smallest debt, until it is paid off. Then, take what was your monthly payment on both of those on the next one, and so on. Just make sure you don't acquire any NEW debt. Cut up those cards, if need be.
Most people have credit cards "for emergencies." Most people would never have to have a credit card if they put $2-3k in the bank "for emergencies" instead.
2006-10-11 11:21:13 · answer #2 · answered by Serving Jesus 6 · 0⤊ 0⤋
Again, yes and no. You need to be sure that you are talking to someone genuine who will put your (not their) interests first. There's a lot of background information on this very subject on this website. It should help you find your answer.
Good luck!
2006-10-11 11:36:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, most of them.
Make a check on the web (BBB, etc)
2006-10-11 11:54:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋