Do you know of any Credit Card consolidation companies that don't charge fees?

Answer 1

Stay away from credit consolidation companies. Having that on your credit report is just as bad as having maxed out credit cards. You're better to pay off your own debts. Pay the minimums on all the individual debts except the smallest debt...then take all the extra money you can and use it to pay off the smallest debt. Once that debt is gone, you're eliminating a debtor, improving your debt ratios and increasing your credit score. You then move onto the next smallest debt and so on and so forth. Eliminate the debt yourself and it is better for you in the long run.

Answer 2

There are two types of Debt Consolidation companies are in Market. The first is those who simply consolidates all your debt and provide you a low monthly payment. The second type, which is rare, are those who reduce your credit card debt by negotiating with your creditors and known as Debt Reduction Companies. This negotiation takes place on the interest accumulated on your principal amount.

Most of these companies keep your first three months payment as their fees. But there are few companies who does not charge so much. But, YES, they do charge otherwise they cannot survive. There are few companies who work on behalf of credit card companies but their percentage of reduction is very low. May be 5% or 8% max.

Learn more about Debt Reduction companies…..
www.debtfreeafterall.com

Answer 3

Yes, there are some non-profit ones, and that's what you should look for.

Credit card companies fund certain non-profits because they'd rather give you a reduced rate than have you declare bankruptcy.

The ones that advertise on TV are all looking to make a buck, but there are some that do not charge fees - they're funded by the cc company.

Call your credit card company and ask for a referral. Chances are your CC company knows you're in trouble anyway, because of your history with them. The non-profits can knock your rate down to as low as 5 or 6%. It will affect your credit rating, but not as badly as bankruptcy will.

Answer 4

It is best to avoid credit card consolidation companies, or credit counseling companies.

They lock you into a payment plan and don't allow you to get any new credit until you pay everything off. It kills your credit score, and most creditors won't even look at you for years after.

Do your best to talk to the creditors individually and work out payment plans with them. They can be helpful if approached the right way.

Learn more about mortgage, credit, and finance:

http://www.thetruthaboutmortgage.com

Answer 5

Credit counseling operations are paid for and sponsored by the credit card companies themselves that is why people make comments about them negatively. I agree that a "non-profit" charging a fee is hinky however i look at it as you pay for what you get. Free help is only going to get you so far.

Also based on the amount of debt that you have will determine the program that suits your needs.

Answer 6

How the heck do you expect them to stay in business? Jesus, you people who can't keep your spending under control expect to be handed money on a platter, don't you?

Credit card consolidation companies are doing you a favor by paying off your previous debt, and charging you a lower interest rate than those credit card companies.

Why shouldn't they earn enough doing so to pay their utility bills, and the salaries for their employees, and the monthly rental on their business premises?

Answer 7

NO, and they are all scams. Your only hope is to pay them off and cut the financial fat you don't need... or if you own a home, refinance or get a bank loan, but it will have interest.

Answer 8

NO THEY HAVE TO CHRG SOMETHING, HOW DO U THINK THEY STAY IN BUSINESS