2007-08-02 09:07:14 · 3 answers · asked by mophatta007 1 in Business & Finance ➔ Credit
It's a for-profit company that works through agencies. So not only are you paying off your debts, but you're paying fees to the agency and to them. That's 2 other people getting a piece of your money, before it even gets to the people you owe. Stick to a nonprofit like Comsumer Credit Counseling. Go in person, not online or on the phone.
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2007-08-02 09:14:55 · answer #1 · answered by Kacky 7 · 0⤊ 0⤋
First, I've used credit consolidation companies a couple of times. I've found them useful because, well, I was horrible at bill paying. Mostly I just couldn't keep on top of the gazillion bills that were coming in. Overall, I'm not sure either of them saved me much money, but the bills got paid, which was something I wasn't able to accomplish. I now pay all my bills through my bank's website.
Anyhow, if that sounds like you, it might be a good idea.
Second, if you are hoping to buy a house soon, I strongly advise against doing this. As I found out too late, to a mortgage company, using these services is the same as declaring bankruptcy.
But, if you really are floundering and it really is out of control and you really can't get it done on your own (believe me, I've been there), then these places can be a good idea. But if there is ANY other way...
2007-08-02 17:31:16 · answer #2 · answered by das mole 1 · 0⤊ 0⤋
Try some non profit agency who are reputed and really helps people to remove their debts.
To know more you can visit
http://www.creditcardbiz.blogspot.com
2007-08-02 18:12:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋