Has anyone ever used a debt management or credit consolidation program?
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There are companies out there that can help you, and there are debt counselers who are genuine and will help you find your way. You can help yourself first by having an honest look at your debts, your budget and your spending.
What you will need to know is how much you owe and how much of your income you have left after all of your essential expenses have been paid. That's the amount available to repay your debt. If you can get that information together, and a debt counselor can help you do this, you'll be able to work out what sort of debt repayment plan you really need.
Don't expect someone else to do it all for you. You can get help to get started but at the end of the day it's down to you to assess your situation for yourself and then to take control. That's what becoming debt-free is all about. This website has some useful tips.
Good luck!
Credit counseling services are not good, they charge alto of money when you can do exactly the same on your own. All you do is call your credit companies and let them know about your financial situation and asked them to freeze the interest on the credit card or lower it while you make payments. They is so much you can do on your own that going to a debt mgmt company is a waste. Try bankrate.com it has allot of great links and information on how to get rid of debt.
Your credit score will also take a hit by using a credit consolidation company. You should try to contact your debtors first and see if you can lower your monthly payments. Shred those credit cards and stop spending. Get rid of unnecessary bills such as cell phones,cable or satellite tv,etc,etc,etc. These companies will charge fees.
I had originally thought that these credit consolidators were helpful until a co-worker told me that her credit score took a hit ( I don't remember how big). At least try to speak with your creditors first before going to a credit consolidation program. Good luck!
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