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Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Are there any legitimate debt consolidation companies out there that are not rip-offs?

Are there any legitimate debt consolidation companies out there that are not rip-offs?

I am looking to consolidate a large chunk of debt, and I am hoping to lower my interest rate to 14 or 15%. Do any of you have any experience, and what might you suggest?

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3 Responses to "Are there any legitimate debt consolidation companies out there that are not rip-offs?"

  1. mama k says:
    I use ACCC (American Consumer Credit Councel). They negotiated a lower percentage rate on all my credit cards and they pay them for me monthly. There is a service fee each month but it is very minimal. They consolidated both mine and my husband’s debt and we are doing so much better now. I HIGHLY recommend them.
  2. bdancer222 says:
    Check this site: http://www.nfcc.org/ . This is Consumer Credit Counseling Services (CCCS), a non-profit company offering free counseling. They also have a debt management program available, if you qualify, at no fee.

    However, you don’t need to shift your debt to another loan. Work on paying off your debt, one at a time. Throw every penny you can squeeze out of your budget on the highest interest rate debt, while making minimums on the rest. When the highest is paid off, move to the next till they are all paid in full.

    It will take you 2 or 3 years depending on how hard you work at it. If you consolidate to another loan, most folks have the problem that the credit cards get ran right back up and you are in an even worse position.

  3. biskio says:
    Consumer Credit Counseling is a very good company (non profit).

    Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

    http://debt-trap.com/category/Debt-Consolidation-Basics.html

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