Has anyone tried any of the debt consolidation companies? Can you recommend a good one to use?
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Answer:
I strongly suggest you use the public one run by your county or state and stay away from the private companies. They are in it for the profit. They will ease your burden in the short term, but you will pay more over the term.
Don't use them. Almost all future lenders you will encounter will view this as a bankruptcy chapter 13. They will ruin any credit you have now by not paying the bills. Since you will sign an authorization at the time of signing up with them, they will negotiate a pay off. YOU CAN DO THAT YOURSELF! If you go this way, get an agreed payoff in writing from the companies that you owe first. Collection agencies as well. If not then a chapter 13 may be in your future. Just don't go to a rip off debt consolidation company. Have you looked into refinancing your mortgage to satisfy these debts. At least that interest could be tax deductible.
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