Is this good for debt consolidation?
2007-08-12 12:38:55 · 4 answers · asked by Airam 1 in Business & Finance ➔ Credit
Don't do it. This is going to effect your credit negatively. A lot of people go into these types of services with good intentions of cleaning up their credit only to find that these services hurt your credit more than help. Are you a homeowner? Do you have equity in your home? Maybe you could consolidate your debts by refinancing or taking out a home equity line. If you are not a homeowner do you have available credit on a credit card? You could perhaps try to get a balance transfer at a low rate of interest to consolidate. If none of these ideas work for you call your creditors and see if you can negotiate credit card rates or payment plans.
2007-08-12 13:02:22 · answer #1 · answered by yourmtgbanker 5 · 0⤊ 0⤋
There is no such thing as a good debt consolidation or credit repair company. Rather than pay someone to pretty much screw up your credit even more, clean up your own debts.
Make a strict budget. Eliminate the extras -- cell phone, eating out, new clothes. Squeeze every penny out of that budget and put it on the highest interest rate debt, while making the minimum on the rest. When the highest interest rate debt is paid, go to the next debt till they are all paid in full.
You can clear up your debt in 2 or 3 years and improve your credit history.
2007-08-12 12:50:53 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
I went with Credit Solutions and ended up getting sued, a judgement against me, small claims against me etc. When I was sued they told me sorry get a lawyer, never and I DO mean never returned phone calls. PLEASE contact your creditors yourself and try to work something out. Many companies will not work with Credit Solutions or any company like them. To name a few who won't work with them (just in case they might be some of your creditors) they are Citibank, HSBC aka Beneficial, and a few others I can not remember at this point. I settled many accounts on my own, and negotiated with others and found they were willing to help me. If you must get help go for a Not for profit organiazation. PLEASE listen to me from experience. Oh and by the way Ripoffreport.com said that Credit Solutions is trying to rectify the bad ways. I hope it is true. They contacted me about Credit Solutions and YES credit Solutions did refund part of my money after I called the BBB, and the Texas State Attorney General. I still would not recommend them to anyone.
2007-08-12 13:49:41 · answer #3 · answered by Missymoo 2 · 0⤊ 0⤋
Doesn't look like it would be good for you.
http://www.ripoffreport.com/reports/0/215/RipOff0215153.htm
2007-08-12 12:54:23 · answer #4 · answered by gogo7 4 · 1⤊ 0⤋