2007-05-28 13:28:42 · 4 answers · asked by Robert Y 1 in Business & Finance ➔ Personal Finance
Debt consolidation may sound helpful, but it will destroy your credit..if your credit is bad now then you have nothing to lose! Your better off finding another solution,
2007-05-28 13:33:58 · answer #1 · answered by dan m 1 · 0⤊ 1⤋
This is one of the worst places to ask that question. You'll be greeted by scam artist and rip off's.
There are some "legit" debt consolidation companies. But there are more of these "non-profit" companies, with the "officers" earning incredible incomes & little help to you. Be Very Careful.
Try to find some recomendations through governmental bodies. compare many of these companies. Be very, very careful.
2007-05-28 23:47:05 · answer #2 · answered by Common Sense 7 · 0⤊ 0⤋
if you can invest some time, you could honestly do the same job yourself. as a company though they can sometimes get a little further with creditors based on reputation. a lot of credit card companies will settle on about half the amount you owe if you can get it to them in a lump sum or in a few payments. talking to some companies' loss prevention depts can get them to reduce interest as well. spend a lot of time on the phone, or pay a debt consolidation comp to do it for you
2007-05-28 20:34:14 · answer #3 · answered by an 1 · 0⤊ 0⤋
No, they aren't. They won't do anything for you that you cannot do for yourself, and they will usually take your money for doing it! They will also often counsel you to file for bankruptcy, which you will live to regret.
Check out this guy's "baby steps", it's a sound program you can follow without spending ANY money. Or just google "debt snowball", for how/why it works.
http://www.daveramsey.com/etc/cms/baby_steps_2867.htmlc
2007-05-28 20:38:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋