what is a good consolidation company that can help me consolidate my credit card dept.?

Question

i owe atleast less than $14 thousand in credit card dept. should i file bankruptcy or should i just consolidate my credit? and im looking for a company that will help me consolidate( a good company)

Answer 1

Debt consolidation is almost as bad as declaring bankruptcy. You should really try to work with your creditors if you can. You should also try to avoid reducing the settlement amount even if it means you will be paying it off longer for the same reason.

Answer 2

Almost all debt consolidation companies are rip-offs. They get into legal trouble all the time. On your credit report considating your debt with them is almost the same as a bankruptcy.

You can do the same thing without them.

Write down a budget. Spend every penny of you income on paper before you even get it. What are your expenses? Can any be reduced or simply stopped? Do you have car payments, boat payments, retirement funds, cable tv payments, etc.... These may be sucking up your money

Car payments: If you have years left on the car payments you might want to sell the car-even if you owe more than it's worth. Say you owe 15k on a car worth 11k. You could get a loan from say a credit union for 6k. Then sell the car for 11k, pay off the 4kl left on the loan, and get a 2k car.

Cable tv: stop the cable tv-you con't have time to watch tv anyway.

Retirement funds: Do not take money out of a retirement funds. But, do stop building your retirement funds until you clean up this mess. Only do this if you are going to be serious about getting out of debt.

Call your creditors and explain to them what is going on. Be honest.

After paying for shelter, electricity, budgeting for food you start paying your credit cards smallest to largest.

If you do your budget and you realize you make less than your very, very basic requirements you'll be looking for another job. By doing this on paper you should get a pretty good idea when you'll have everyone paid off.

Answer 3

You want an honest answer. This is my industry and I deal with the myths and misconceptions of debt programs all the time. Your fico score is dependant on 5 factors. No, all debt programs are not equal and no not all of them really look like bankruptcy. I have a sister in law that works for bank of America in the financing dept. It is interesting what companies really do look at when they consider you. Credit is not that hard to rebuild contrary to popular belief. ........ or to what the creditors want you to think. Yes, there are a lot of programs you can get scammed. Yes your credit score will take a temporary hit depending what your current payment status with your creditors is.There are also some actually honest people that truly want to help that can help you figure out what is in your best financial Internet by determine what you want to accomplish and what kind of debt and long term goals you may have.

Kourtnie Donihoo
The EDA Group
1 866 605.0753
www.enhanceddebt.com

Answer 4

http://badcreditresources.com/debt-consolidation.html -- here you will find companies that can provide you with debt consolidation services, with or without owning a home, credit repair services.

Also, check this article: http://badcreditresources.com/debt-consolidation-information.html . It is about the pros and cons of debt consolidation loan.

Answer 5

Hi. You need a credit consolidation . Here is a list of best credit consolidation compnies .Check the list here. You will find the best one for you,
http://debt-relief-free.blogspot.com/