My husband was laid off at Christmas and after getting behind our interest rates are up. I am paying payments but the debt is not shrinking at all it seems.
2007-02-28 01:06:34 · 5 answers · asked by Cindy J 2 in Business & Finance ➔ Personal Finance
I've only heard horror stories.
I got rid of my high interest cards by transferring the balances to a 0% interest on balance transfers card.
2007-02-28 02:09:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Forget debt help companies and shop for a debt consolidation loan. You'll achieve the same result without having to pay an ongoing monthly fee on top of your monthly payments. You can comparison shop at the website below
2007-02-28 13:45:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Fortunately, I've never had to use one but I do know someone who has... Since I dont have first hand experience, I cant provide the details. I do know that its working for him and 5yrs later, he's almost out of debt.
What the debt consolidators did was negotiate a better rate with the credit companies. I've also heard that you may be able to call your credit card company and try to negotiate a better rate yourself.
2007-02-28 09:22:19 · answer #3 · answered by tygger 2 · 0⤊ 0⤋
They all categorically SUCK. Most are scams & the ones that aren't will still screw your credit worse than you could ever accomplish on your own. We used Dave Ramsey's "Total Money Makeover" & are nearly completely out of debt...including the house. You can probably get a copy at your local library & he sells them on his website for about $15 (on sale right now). I read the whole book in a day after my business failed & we were drowning in debt. I bawled my eyes out b/c I realized how I could've done things differently all along. I was kind of mad at Dave for pointing that out, too, but I resolved to get out of the hole & never, never, never get back in. Today, we are approaching debt-freedom at a rapid pace & haven't borrowed a dime since 2002. We have cash saved for large purchases & emergencies, so that we will never slip into debt again. I know you guys can find the peace of mind that we have w/o getting screwed over by one of these debt mgmt places. If you jsut want to see what Dave is all about, go to his website & click on the "Listen" link on the top corner. You will be able to listen live (if he's on) or to archived shows. I promise he will rock your world if you let him.
2007-02-28 09:30:21 · answer #4 · answered by Tom's Mom 4 · 0⤊ 0⤋
too bad about your husband losing his job, at least you are trying to pay off the debts. The legitimate ones could be helpful to those people who dont know how to consolidate and budget themselves to pay off bills. As for the best one in your area, i dont know, but seeing them in person would probably be better than some flybynight scheme online.
2007-02-28 09:14:08 · answer #5 · answered by tomhale138 6 · 0⤊ 0⤋