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Im thinking about using one but it sounds to go to be true they cut 15000 of debt to 8000? Is this true? I was thing of using credit solutions.com

2007-09-05 07:17:44 · 4 answers · asked by sexynurse 2 in Business & Finance Other - Business & Finance

4 answers

As a whole, those consolidation companies are a hoax. If it sounds too good to be true, it probably is.

Seek sound financial advice from a financial adviser, not some scheme from a radio ad. Have a look at this guy:

http://www.daveramsey.com/

2007-09-05 07:27:04 · answer #1 · answered by j c 4 · 1 0

Be very very careful using them. Some are complete scams, and you'll end up paying THEM money but they won't pay your debt off. Try calling the people you owe money and see if you cant' work out some sort of payment plan you can afford.
Sometimes you can also get a loan or credit card to consolidate to have a lower payment each month.

2007-09-05 14:32:28 · answer #2 · answered by Frootbat31 6 · 0 0

I have used one, but the one I used works differently. I went through Consumer Credit Counseling Service of Ventura County, California. They work with your creditors to get your monthly payments (and interest, in some cases) lowered. My bills went from almost $500.00 a month to $225.00 a month. They only charged me $10.00 a month, but that was about 15 years ago. You pay CCCS directly every month by money order and they handle paying your bills. Once you get them paid off, they work with the credit bureaus to repair your credit rating. Here's the catch: You cannot open any new lines of credit while you're paying your bills off, and if you miss a payment your creditors can demand payment in full immediately. But hey, they helped me erase about $10,000.00 worth of debt in a little over two years. Just be careful. There are a lot of scammers out there who claim that they can help you. If they ask for money up-front, don't send them any -- it's a scam.

2007-09-05 14:27:52 · answer #3 · answered by Anonymous · 0 0

you know I have had some friends who have used these places and their payments are worse than the actual payment that you have with the company already . So I would say no I would not do it . good luck .

2007-09-05 14:25:35 · answer #4 · answered by Kate T. 7 · 0 0

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