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Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Has Anyone Had any bad experiences with Debt Consolidation or Check Cashing Places?

Has Anyone Had any bad experiences with Debt Consolidation or Check Cashing Places?

Recently I used a debt consolidation company. Its been a year now and besides their 39.00 fee each month, my debt is down by 7000.00 dollars, a situation I was never able to resolve on my own. I also recently used a check to cash company and it was so very easy. I paid it off and that was that. This could not be all there is too it. I wanted to know if anybody had any bad experiences so I can pass it on and prevent someone from getting into trouble.

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3 Responses to "Has Anyone Had any bad experiences with Debt Consolidation or Check Cashing Places?"

  1. Bradley M says:
    I know they have gotten better (Check Cashing Places)….but I once had someone take my check and cash it with no ID. There was nothing I could do because it wasn’t secure or insured like a bank would be.
  2. Pete says:
    I ran into financial trouble a while back and relied solely on check cashing places. There are 3 companies in my city that offer payday advances and I would get one to pay off the other. Fortunately times have changed. These places are there only for short term emergencies and not long term financial problems. I would suggest staying away from such places unless you desperately need the money for food or rent. If you get a payday advance just to go out or not be late on a payment you will get hit hard at the end of the 2week grace period because you will begin getting used to depending on these places that you will have a hard time getting out.

    Make sure you close your accounts before you rack them up with debt again.

  3. See Saw says:
    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.

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