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Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » What is a legitimate credit card consolidation company?

What is a legitimate credit card consolidation company?

I know they are not the best choice. Please don’t tell me how to manage my credit cards. I am beyond that stage. This is the last option for me. I know some of the companies are fradulent and some effect your credit more negatively than others. I just need to know the names of CC Consolidation companies that are legimate and maybe won’t hurt your credit as much as others.


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3 Responses to "What is a legitimate credit card consolidation company?"

  1. CatDad says:
    STAY AWAY from any “debt consolidation” company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

    None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.

    If you have already defaulted on your cards or they’re past due, then you can negotiate directly with your creditors. See Suze Orman’s advise:

    Plan B is entering a Debt Management Plan (DMP) with a non-profit credit counselor like CCCS (Consumer Credit Counseling Services). Contact your local Red Cross for a referral. They can negotiate lower payments and interest rates. They do not negotiate settlements.

    They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to “enrolled in debt management.” This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don’t use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you’re enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.
    Plan C is filing for Chapter 7 bankruptcy. Keep all options open and do what is best for you.

  2. redcurleyz says:
    I agree with the first poster. STAY AWAY from them. More and more the news is full of these companies are full of bs. And in the end you’re further in debt and further behind. Start by going to a Consumer Credit Counseling in your area. I have had friends who have done that route and have gotten out of debt. It takes time, hard work on your part, and a lot of patience. What they do is contact the people you have debt with, credit cards companies, lenders, even collection agencies. They get the info from you, like what you owe, where you send the payments to, how much the payments are. You give the CCC person money each month and they disburse the money to your debtors. They usually try to pay off the lowest debt first. Then apply the that payment to the next lowest, and so forth. During the tme you are working with the CCC you are agree not to use your credit cards, not open up any more, and not take out any more loans.
  3. J3N says:
    I work for a debt consolidation company & have been in the business since 1998. I could name a few that I know and used to work for that I know are legitimate. Everyone always says that debt consolidation companies are a rip off & they don’t work. Whether debt consolidation is right for you is a different story. It all depends on what kind of bills you have. Are they credit cards, loans, medical bills? Are they behind? Are they in collections? If so how long have they been in collections. If you want you can IM me at J3N45987 and I can tell you if debt consolidation will help you & then I’ll give you some names & numbers.

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