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Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » i was thinking of paying credit cards off because collections. Should i use a credit card consolidation compan

i was thinking of paying credit cards off because collections. Should i use a credit card consolidation compan

i was thinking of paying credit cards off because of collections. Should i use a credit card consolidation company to pay them all off and have only one payment and avoid bankruptcy?


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4 Responses to "i was thinking of paying credit cards off because collections. Should i use a credit card consolidation compan"

  1. MBATXguy says:
    The use of a credit card consolidation company is reflected as a negative item on your credit.

    To answer your question briefly:

    Consolidations reflect as an “8″ on your credit
    Bankruptcy’s reflect a “9″

    This means consolidation is last step before bankruptcy. Unfortunately it is frowned upon.

  2. Matt says:
    Many people think that using a consolidation company is one step away from declaring bankruptcy. This is not necessarily true. Not every credit card company or lender of credit thinks this way; it’s subjective. A consolidation company, for some people, is the best way to get out of debt.
  3. Terry S says:
    Stay away from those types of companies. You will pay them a fee to pay your bills for you. Do not pay someone else to make your payments for you and charge you a fee.

    Depending on your current credit status, start by trying to consolidate all of your current debt onto a credit card or multiple 0% credit cards. 0% credit card offers are the best. They have 0% credit card offers with and without fees. Try to find a credit card offer without fees if not try to get one with the longest possible period a 0%.

    Here is a great article here that explains in detail how to get your bills organized.

    At the bottom of the article is a step by step process to get organized and how to reduce your bills at an Accelerated rate without increasing your current minimum payments.

    If your credit is beyond the ability to qualify for 0% credit card offers you can try for fixed rate credit card offers.

    If you are unable to get any credit card offer then talk with each collection company on your own and try to set up payments. Some credit card companies will work with you. One option I have heard a credit card company can implement is freeze the credit card and waives penalties and interest you may have accrued. Do not rely on someone else to achieve the same thing that you can achieve on your own.

    Your best bet is to try to pay off your debt as fast as possible which will be achieved with 0% credit card offers or low fixed rate credit card offers. When you are talking the difference between 20- 25% interest you are most likely paying right now and 0% – 3.99% you are talking the difference between paying $300 interest a month out of a $400 payment on a $20000 debt to No interest and $400 goes directly on your debt to approx. $300 going to principle and only $100 going to interest.

    Try all of your options first and if you are unable to attain this on your own then consult an attorney.

    Most do not realize this but you can no longer file bankruptcy on the full credit card debt that you owe. You can only file on a percentage of the amount owed. It is federal law.

    Good Luck and God bless

  4. Triome Z says:
    I found The best info about your Question HERE:
    (VERY good loans – – credit repair & score; info)
    Good luck!

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