What is the best debt consolidation company? My bills are adding up and i can't handle it anymore. help me?
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Debt consolidation makes sense once you get to a point where you are only paying the minimal payments and seeing no decrease in your principal payments or when you are missing monthly payments. Once this happens your credit score will start to suffer.
In my opinion, there is no one best consolidation company but there are alot of scammers who prey on people in need. The federal government keeps an eye on some of these companies and sued "Ameridebt" a few years ago for fraud. I believe they are still operating in some areas under different names, beware.
We offer credit counseling/debt management assistance for people with $10K or more in debt - the enrollment is free, if you are interested.
The federal government also offers credit counseling with designated companies but unfortunately they do so when you are in the process of bankruptcy - which you will want to avoid. Good luck.
There really is not good debt consolidation company. I also do not think that debt counseling is any better.
I would call each company and see if you cannot discuss a compromise where maybe the credit card co. does not charge you any interest and you pay a certain amount that you can afford each month.
I also would suggest calling Dave Ramsey and/or checking out his website. He is very knowledgalbe with this problem and can tell you what is the best thing for you to do.
Dave says live on beans and rice and pay your bills and that is it.
www.daveramsey.com
Just try and pay it off yourself and not go into bankruptcy. That is the worst thing you can do.
Good luck.
It all depends on how much debt you have and whether debt consolidation is the appropriate method to get your finances back into order.
It will pay you to do your own research and get some qualified advice before you act. Here is a website with lots of useful links and information which might help you work out your best solution.
Good luck!
"A debt consolidation program helps to get out of all high interest debts. There are various types of debt consolidation loans.
Home equity loan is one such debt consolidation program where a person can use home to get a loan.
This is a secured loan and the interest rates are low compered to unsecured loans.
Selecting a online debt consolidation is very easy as it allows you to total all your debts into one small payment.
Going for online debt consolidation is a good option, you need to take into account the fee charged by the debt consolidation companies."
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