2007-03-04 05:01:08 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
When you are stuck in debt, consider all the available options. You will need to work closely with experts who will provide right guidance to clear off your debts. Credit counseling agency is one such set of experts, equipped to fight debt. .
2007-03-04 22:55:26 · answer #1 · answered by hendy h 2 · 0⤊ 0⤋
The first place to try is your bank. See if they will give you a loan to cover your debt - I did this and was amazed that they agreed to lend me the money!
The smart thing to do with debt consolidation is to make sure that you use it to get out of debt - don't keep spending or you will never be debt free.
If your bankk can't/won't help you, it will pay you to shop around to find the best deal. There's a website here with lots of useful information about debt consolidation. I hope this helps.
Good luck!
2007-03-06 03:40:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Don't use them.
From what I've heard people get their loans consolidated into a single payment, and then go off and start spending again. The key is to pay off your debts. Call your debtors and ask them to CUT UP YOUR CARDS and arrange for payment plans. Another good thing to do is pay off the smallest debts first, and use that money to pay off the larger debt. When your debts are paid off, stay away from the credit cards. Keep ONE, like American Express, for EMERGENCIES ONLY, and no, new shoes are not an emergency.
2007-03-04 13:50:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
NONE! Dave Ramsey calls them debt CONsolidation for a reason. Many of those debt-help companies are under investigation by the FTC. ALL of them will screw your credit worse than you could ever do on your own w/o filing bankruptcy & you will NOT fix anything b/c you are not learning to control your finances. You are simply letting someone else manage them (BADLY) or you are BORROWING to get rid of debt. See the problem here?
If you are serious about getting out of debt, I recommend Dave Ramsey's "Total Money Makeover" book as a good guide. We have been using it for close to 3yrs. We have NO credit cards, we have cash fro emergencies & large purchases & we are quickly approaching complete debt-freedom! The book is available at most public libraries & bookstores. It is also for sale on his website (below). The website also has free podcasts & other good information.
I wish you all the best.
2007-03-04 05:11:31 · answer #4 · answered by Tom's Mom 4 · 1⤊ 0⤋
I think the Consumer Credit Counseling service is the best one.
Make sure anyone you select does not, repeat NOT, ask for any money for any reason.
That is the only way to make sure they are on the up and up.
Let them work out a repayment and budgeting system for you free of charge.
2007-03-04 07:59:37 · answer #5 · answered by The Cythian 3 · 0⤊ 0⤋