2007-08-02 14:18:14 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
By using services from a debt relief organization you will stop receiving phone calls asking you for money. You will pay a fixed rate amount every month which will never go up. You won't be dealing with your creditors any more. The "debt relief people" will be paying your bills for you, and your credit card company is out.
You then pay the debt relief company.
lots more here:
http://credit---card.org/
good luck!
2007-08-03 09:22:05 · answer #1 · answered by Anonymous · 4⤊ 0⤋
If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
2007-08-03 01:06:42 · answer #2 · answered by brady ewart 3 · 0⤊ 0⤋
Neither. Most debt solution agencies create more problems than they solve. Your credit score will take almost as big a hit as if you filed bankruptcy.
Refinancing isn't bad if you get lower interest AND you don't charge the cards right back up. That's the biggest problem.
Have you considered just paying off the cards you have? Make a strict budget. Eliminate all the extras -- premium cable and internet, cell phone, eating out, new clothes, etc. Take every penny you can squeeze out of that budget and throw it at the highest interest credit card, while paying the minimum on the other cards. When the highest rate card is paid off, move to the next one.
In a few years you can have it all paid off.
2007-08-02 14:29:16 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Don't use a debt solution agency. Try to get a home equity loan. It has tax benefits at the end of the year.
2007-08-03 09:25:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why paying someone to do a job that you can do it yourself?. Apply for a line of credit with any bank. I know BOA has one. There is no annual fee, application fee or pre-payment penalty. You can even request a payment terms and amount that fit your budget. You can reuse this line of credit as long as you like. Of course, you have to make payment on time just like any line of credit.
Line of credit is not a credit card. You never have to worry that you'll get yourself in trouble again because you'll charge to the max. One check, one payment amonth will save you a lot of trouble.
2007-08-02 15:00:17 · answer #5 · answered by Connie 3 · 0⤊ 0⤋
refinance. the debt agency doesn't really do anything for you. i worked collections and we always had problems with them. they didn't send out payments on time, sent it to wrong address, didn't pay enough to clear account, or they would ask to adjust the terms on the accout and would keep these people in debt longer than the original term agreement.
2007-08-02 14:28:01 · answer #6 · answered by syntheticmynd 3 · 0⤊ 0⤋
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
2007-08-03 00:51:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Well i'd recommend refinancing because i have been in the mortgage industry for a couple years now and most of my consolidating clients are extremely happy in the program ive put them in. If you need help email me at ringmessenger18@yahoo.com and i could get you a quote
2007-08-06 08:11:55 · answer #8 · answered by ringmessenger18 2 · 0⤊ 0⤋
you could refi .. and get rid of all your debt .. im a loan officer you can contact me if you have any question..
818 888 9798 ext. 315
salvador a.
2007-08-06 13:54:20 · answer #9 · answered by Salvador A 1 · 0⤊ 0⤋
why not just pay them off instead? quit buying fast food and soda, eat bread and water will you repay your debts
2007-08-02 14:25:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋