Can anyone recomend a relaible debt consolidation company??
Question:
Answer:
Debt consolidation companies are a rip-off. They cost more than they are worth.
If you are that bad off, discuss your situation with a bankruptcy attorney.
I believe there are some Non-Profit companies that help.. I would start there. I have seen the ads on tv in Vegas... LOL Gee I wonder why?? Anyway.. as far as BK (Bankruptcy).. the laws have changed and you must file a Chapter 13 .. and can no longer just wipe everything off with a Chapter 7... you can ask the court to convert the Chapter 13 to a 7 later... and I don't know what the rules are for that.
Chapter 13 is designed to "organize" your debt.. so typically you pay a monthly payment to the court and then the trustee of the court makes the payments to the creditors. Of course this looks bad on your Credit Report... but you may be able to talk to the credit card companies and ask them to reduce your interest rate. They more than likely won't unless they realize that you are contemplating BK. If you have rip off cards that are charging you outrageous interest like 30% because you were late... then I would talk to a BK attorney and they may be able to get that reduced on your behalf.
I am not an attorney and every case is different so, I really suggest talking to an attorney and the non-profit before you make your decision.
Dude, unless you are six feet under dirt you always have options. 1st don't do debt con-solidation companies, it is the same as filing Bankruptcy with out legal safeties.
If you are physically able and have a backbone . Turn the
electronic (TV Ipod Blkberry) masters off. Get 3 extra jobs - pay your bills smallest off work towards large bills . Visit DaveRamsey.com to learn what the banks don't want you to know - ever. You can get out of debt , become money smarter and stronger.
You can find some information for and against debt consolidation on this website. You need to do your own research to decide whether this is the right route for you.
I hope you find an answer. Good luck!
In my resource box it includes two articles about debt consolidation companies and what to look for in that companies.
Like everything else, you need to establish some parameters and see whether it fit the criteria before you choose the right debt consolidation company for your situation.
Good luck!
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