Is there a trust worthy free organization to consolidate your credit cards?

Question

I would like to consolidate my credit card bills, looking for help, I've heard of places that contact your creators you can pay them off with no finance charge.

Answer 1

If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete.

Answer 2

You can try a credit counseling agency, but check them carefully with better business bureau, and ask for references. There are some shady ones out there that only exist to funnel people into high-interest loans.

As for doing it with no finance charge - forget it. IMHO, if you don't use a credit counselor, you need to go to a some credit unions and banks and start shopping for consolidation loans. But wherever you go, you're going to end up with a loan of some sort. Why should someone lend you money without finance charges or interest? If you're in trouble with the loans, you've shown you're a poor credit risk, and the rate they charge you will reflect that. If you're not in trouble, you should qualify for a good rate - but you'll still pay interest on it. Free just ain't gonna happen.