Credit Card Debt Consolidation Services

[FreakMonster]

I'm in CC debt about $6,000 and was wondering if any of you guys have experience dealing with Debt Consolidation Companies.

Are any of you currently doing this and has it helped your debt and credit rating?

Only concern I have is that debt consolidation might hurt my credit.

 

[bigschweeler]

My understanding is that it puts you in sort of a neutral status with your credit which is neither good or bad. Do you own a home? If so, you could do a line of credit of second mortgage and pay off credit card debt and the interest in most cases would be tax deductible. Also, you can call your credit card companies and see if you can negotiate with them a lower interest rate.

 

[ZenMachine]

I don't share your problem, but Debt Consolidators will show up on your credit report.

Try to work with you credit card companies on your own to start. Often they are willing to lower rates etc. When you need the help

Zen

 

[Warik]

I have no experience with Debt Consolidation services, as I've always had a perfect credit history, but I would recommend that you get yourself one of those introductory 0% APR credit cards and use them as a temporary relief so that you are not accumulating a ton of interest while your debt goes unpaid.

www.discovercard.com has their Gold and Platinum cards with 0% APR for 6 months. Transfer all of your debts there and do minimum payments each money and save money to do a big payment at the end.

Always better to try to fix things yourself, because as others said in this thread, debt consolidation services may appear on your credit report.

-Warik

 

[FreakMonster]

Thanks bro's. Your input is appreciated

 

[flexed1]

I always have my employees who have problems go to consumer credit counslers. Its FREE they get results and deal with companies direct to get payments and terms lower. You pay them, cut up credit cards, and they in return pay your bills.

 

[Lucky]

If you don't have to use it then don't. 99% of the people that uses Debt Consolidation usually put all of their bills on one bill only to get another credit card (or cards) and charging all over again. Now you have two big bills to try and pay off.