Nov
03
What is a good Debt Consolidation company?
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I have three maxed out credit cards and I am about 5 months behind on my car note. I am about to start a good job, but the stress of my debt, and interest rates are weighing down on me. I want a company that will pay off my current debt and compile it in one single loan that I would make monthly payments on. Has anyone done this before? Has any one had a rewarding experience? Let me know!
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4 Comments
November 4th, 2009 at 1:38 am
Don’t waste money on debt consolidation companies. You should stop paying your credit card companies. Don’t worry when they call to harass you. Just save up a large sum of money. Put the amount you would normally be paying to your credit card companies into your savings account and DON’T SPEND IT. When you have accumulated as little as 25% of the amount you owe call your credit card company and tell them you are willing to settle. They know that they don’t have much of a chance of getting all of their money because you haven’t been paying your payments (you have been putting them into your savings) so the companies will take a partial amount and eliminate the debt.
Debt consolidation companies do the same thing but you pay your payments to them. They NEVER give you a loan (why would they give loans to people with bad credit on the verge of bankruptcy?). You pay payments to them and they save your money for you and then call to settle. They keep a percentage of your money. Don’t give it to them…keep it for yourself.
Your car payment: either start paying it or it will get repossessed. You can either turn the car in, then when the credit company auctions it off you will owe the difference between what it sells for and what the balance of your loan is.
I would sell the car as soon as possible because you are willing to get a good price when the auction company doesn’t care about how much they get for the car.
November 4th, 2009 at 10:28 pm
Don’t do it. They charge at least 20% themselves so it will be even harder to get out of your debt. You can do this yourself. Get your car debt caught up, or else you will lose the car, while paying the minimum on your credit cards. Once the car debt is current, pay the minimum on the two cards with the lowest interest rates, not balances, and use the rest of your money to pay off the card with the highest interest rate, Once this is gone, pay of the next highest interest card and so on. Good luck.
November 6th, 2009 at 3:13 pm
Try getting an online auto loan quote. The automated form will give you results based on your credit and financial situation. It’s free and you can get an answer in minutes.
November 7th, 2009 at 6:51 pm
Sorry to hear about your struggles, however there are better ways out than going through a debt consolidation company. So many of these places are ripoffs that take your money. Sit down and make a budget, starting with necessities first. See how much money you actually have to pay your debt. Decide how much you can pay each creditor and call them up and explain this. Ask them to lower your interest rate and show them your budget and they’ll work with you. Go see Dave Ramsey’s web site. and buy the book total money makeover for $15. Good book on budgeting and understanding money. It will help you get this taken care of. Good luck!