What is the best debt consolidation/reduction company?

There is no ‘best’ debt consolitation/reduction company. The only way they can negotiate settlement of your credit card debt is for the account to be at least 90 days past due. That absolutely trashes your credit. More and more credit card companies immediately sue as soon as these settlement companies contact them.

If you’ve researched them, you should have found enough negative to see that it’s a really bad idea.

If they don’t out right scam you, they are going to rip you off. Most require huge upfront fees – usually thousands of dollars, they tell you to stop payments to your creditors (which usually results in your creditors suing you) and they usually can’t negotiate with your creditors, because most credit card companies will not negotiate with such companies, only attorneys.

Here’s the deal: there is bad associated with any debt resolution program (credit rating will be bad for at least 3 years and you will likely get collection calls). There is also the obvious good (settle your debts for a discount, low monthly obligations, and being debt free fast).

You have to decide if the good outweighs the bad for your situation. If it does and then you decide to select a debt settlement company to get you debt free, you should find the best company. Get one that has been certified, is a member of an industry association (either TASC or USOBA), is a member of the BBB, and has been around long enough to have successful clients and good creditor relationships.

If you can afford to pay off your debts, then you should probably pay them off. If not, then debt settlement is a viable option to help pay off your debts at a discount and with a low monthly payment.