2007-01-27 18:54:55 · 4 answers · asked by heybulldog 5 in Business & Finance ➔ Credit
I watch Suze Orman alot and she says not to utilize these companies. Your FICO score will take a beating during the whole time your paying back the consolidated loan. Try to make minimum payments while looking for ways to lower rates, either by contacting your CC company or doing a balance transfer to a 0% card during an introductory offer. Good Luck!
2007-01-27 19:04:48 · answer #1 · answered by leedogg1981 3 · 1⤊ 0⤋
NO! Do NOT use these people! They will hurt your FICO score and actually cost you money!
What you should do is get your interest rates down. Call your credit card companies and ask them to lower your rates. 9 out of 10 times they will. You should be able to get most credit card companies to lower your interest rate to about 10%, which is about half the 19-21% they are proably charging you now.
If you are careful, you can also open new credit cards with 0% introductory balance transfer interest rates. Watch for a 3% transfer fee though, some of these offers sneak fees like this in in the fine print.
2007-01-28 14:53:36 · answer #2 · answered by Dennis H 4 · 0⤊ 0⤋
No. Those companies won't do anything for you that you can't do for yourself. Call all of your credit cards and tell them that you will transfer your balance if they don't lower your percentage rate.
Then put yourself on a budget and pay the card with the highest percentage rate first. Most credit agencies work for the credit companies.
2007-01-28 03:01:07 · answer #3 · answered by Mother of flute player 2 · 1⤊ 0⤋
Usually no.
You most likely have better alternatives. Go to http://www.creditboards.com/forums and read up on the information there... there are many, many people who have gone through or are going through the same sorts of problems.
2007-01-28 05:00:02 · answer #4 · answered by clawedlemew 3 · 1⤊ 0⤋