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Does credit card consolidation work or not?

I have heard that some companies end up with all your money, are there any good credit consolidation companies and if so what are they? Thanks for any help

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6 Responses to "Does credit card consolidation work or not?"

  1. SmartAlex says:
    Rarely do they help.

    The fact is, you owe more money than you feel like you can pay. You have to change the very behavior that is causing it. The consolidation companies figure out what you owe, add one new (additional loan) to the mix (they loan you the money to pay the others off) and then they charge you more interest. They then go to the credit card companies and negotiate on your behalf for a lower rate, or better terms.
    You end up just owing MORE people MORE money.
    Does that sound like a way out of debt?
    Not to anyone else either.
    You have to change your life to change this behavior.
    Start at the website below–but the real problem is that you are living beyond your means.
    You need to increase your income (a second job, more hours, sell handicrafts); decrease expenses (spend less, move into a cheaper house/apartment); or sell assets (sell the car, and walk to work, hold a garage sale.)
    Yeah, I know it hurts. But you haven’t been in charge of your money–you’ve let it get in control of you.
    Don’t spend the rest of your life fighting against creditors. Take control now.
    The website will help you to make some tough decisions, and give you some great advice–but it is HARD WORK.

    There are no good credit consolidation companies, because none of them change your attitude towards your money. You must.

  2. Ricky H says:
    Only if all of your creditors agree to the consolidation. These companies try to get the creditors to remove penalties and lower interest rates so the consolidated bill is more manageable for you. It is usually in the creditors best interest to work with these companies, but sometimes you have one or two that will not. It is worth trying, there are some consolidation companies that don’t charge anything for there service.
  3. internetguide8517 says:
    Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

    Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

    Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

  4. romedoggy dog r says:
    I found a sight that it great, my co-worker went to it and got a loan for consolidating all of her debt. It is people who bid on your loan then you don’t have the bank or company fee’s. I am actually a lender on there. It’s also a great investment. Here is the link.
    http://www.prosper.com/referrals/borrower.aspx?referrer=cariromero2000&utm_source=referrer-cariromero2000&utm_medium=referral-link&utm_content=link&utm_campaign=referrals-borrower
  5. Jimmy John says:
    Consolidation loans are not magic : they may prevent you from bankruptcy by puting all you bills together. You’ll make only one payment. But don’t miss a payment.

    The best solution for a consolidation loan is your bank or credit union, because they usually give better rates.

    Good luck !

  6. Succes says:
    Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.

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