Debt Relief – Insolvency – Bankruptcy Information » Debt Relief » Do those debt relief agencies really work?
Do those debt relief agencies really work?
I am wondering what peoples experiences are. I have about $25,000 in credit card debt and around $30,000 in student loans. The credit cards are surprisingly well under my limit. I would be interested in consolidating the credit card debt especially, as it seems those are going to last forever. Any advice?
RELATED POSTS:
- Are there any debt relief agencies that help with secured debt. Such as car loans and student loans? Debt relief agiencies that help with secured debt. Student loans and car debt. ...
- What are the pros and cons of using debt relief agencies to get rid of debt? What does it do to your credit? Those debt relief agencies that help you get rid of debt fast tell you to stop paying your bills and...
- Looking For Some Advice on Credit Card Debt Relief Credit card debt relief is what every debt-struck credit card holder is looking for. Credit card debt relief is not...
- Do Debt Relief Companies really work? Can I do the same job myself? I am looking to pay a debt relief company 15% of whatever I totally owe. Can I do this myself?...
- Do debt consolidation company’s work and what do they do specifically? $40,000 in debt with 4 credit cards, I have great credit and pay on time. Recently cc’s raised interest from...
Filed under: Debt Relief · Tags: agencies, Debt, really, Relief, those, Work
If they really work they’d be out of business.
LOLOLOL
Leave the student loans as they are, and keep payments current. The interest on those can give you tax breaks if you qualify.
As to debt relief agencies, there are legit ones and scams who will charge a substantial fee and then not do much of anything for you. So be very careful. Consumer Credit Counselling seems to be one of the legit ones. You’ll still have to pay back what you owe, but interest rates might be lowered substantially.
Work on paying off the credit cards one at a time. Thow everything you can on the highest interest rate, while paying the minimum on the rest. When the highest rate is paid, move to the next, till they are all paid in full. Of course, you have to stop charging on the cards!
It will take 2 or 3 years to get the credit cards paid off. But once the credit cards are gone, you can start paying more on the student loans.
But it works for some who are not worried about closing the accounts – I understand that the FICO score is lowered when you close an account. For me, it was worth it. I still have 2 other credit cards & an auto loan that I am paying off without their help as I want these accounts to stay open.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn’t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt