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Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Is it recommended to use debt consolidation for credit card debt?

Is it recommended to use debt consolidation for credit card debt?

I am approximately $25k in debt, should I use a debt consolidation agency?


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10 Responses to "Is it recommended to use debt consolidation for credit card debt?"

  1. Green_Sea_waves says:
    Yes, If you don’t own a home and want to move out of renting, a debt consolidation agency can help you. The simple way is also to individually work with your creditors to contruct a payment plan. THey are remarkably flexible with clients when they know they are trying to pay off accounts in relatively short time. Remeber Consumer Credit Counseling reads on your credit report almost exactly as if you declared a chapter 13 bankruptcy. Bankruptcy however, does help people who truly have no other alternative to debt mediation.
  2. CarlaCCC says:
    Debt consolidating only works if you get rid of the credit cards that you pay off. Otherwise you’ll just charge them back up and end up even deeper in debt.
  3. bikkerbabeee says:
    talk to a credit counselor first. then see what the consolidation firms can do. many times credit counseling firm has better rates or can get your debt combined for little or no fees.
  4. aaja says:
    It is good solution if have trouble keep up with your payments (having or not having house has nothing to do with it though). There are some things you should be ready for – you can not use those credit cards no more (once they are accepted to the program, creditors will most likely cloce that account), and it does affect your credit while in the program somehow negative (nearly NOT like bankruptcy), but you gonna earn your poinst back at the end for all those credit cards paid off.
  5. sd2138 says:
    Just be careful and do your research. I signed up with a debt consolidation agency back in May. They decide your payments after you list your necessities for the month, ie car payment, rent, yadda yadda yadda. However, after being in the program for two months, I still was being harrassed by my creditors and later found out that this debt consolidation company did not make the payments on time. So I am better off just paying them on my own. Just do your research and ask. Its better to annoy them than to have your credit score ruined.
  6. terunaz says:
    well, you got SOME replies but here’s some great reading, might take you a while though:
    if you get any luck please don’t forget about me lol, hope it helped you!
  7. Jeff says:
    If you use an agency, you need to make sure that you never use credit cards again, or get a mortgage or car loan for the next 10 years.

    Your credit will be torpedoed, as if you had gone Chapter 13, and it stays for 10 years.

    You’ve heard of grade school’s “permenant record”?
    Well, it does exist, but it refers to credit.

  8. Gillian G says:
    Debt consolidation can be an answer, but as everyone else has said, it will only work to clear your debt if you get rid of your credit cards.

    In my case I went to my bank and I was amazed that they agreed to give me a loan to repay my cards. I cut up all but one of my cards which I use only for essential expenditure.

    If I pay back the bank loan at the repayment rate they want I will end up paying quite a lot of money, but I am paying it back faster so they won’t get as much out of me as they think! So I recommend you go to your bank first.

    This website’s got a lot of information about your options. It will really benefit you to do your own research.

    Good luck!

  9. S K says:
    Debt consolidation is looked upon by creditors as being worst than bankruptcy. Since I deal with this quite often when I look at credit reports, it shows that you can’t manage your debt on your own and you need to pay someone to help you. If you were a bank would you trust that person who can’t seem to manage their finances with a loan, probably not, or if you do you would give them a very high interest rate. The reason is they don’t believe you will be able to manage the loan they are going to give you so they rather not deal with you. Be careful, weigh the pros and cons.
  10. huh h says:
    Credit Card Debt Consolidation Loan

    When using the credit card, people ignore the consequences of using the card too often. Frequent use of credit card causes bills to be accumulated and worsens your credit score. Besides lowering ……

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