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Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » What is a reputable Credit Card consolidation company that does not scam you?

What is a reputable Credit Card consolidation company that does not scam you?

I do not know how to look for a reputable cred card consolidation company. There are too many scams out there.

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4 Responses to "What is a reputable Credit Card consolidation company that does not scam you?"

  1. Judy says:
    Consider NOT consolidating.

    There is a government non-profit service out there to help you.
    It is called National Foundation for Consumer Credit Councelling.
    NFCC.org
    You call the 800 number, make an appointment with a local office and they will help you at NO cost.
    If they put you on a DMP – debt management program – max cost 25 bucks a month – but only if you can afford it.
    They will contact your creditors, and perhaps reduce interest rates, settle, negotiate, etc…
    Positive reviews call them angels from above.
    Negative ones say its embarrassing.

    You can also do this yourself.
    Get a good book from your bookstore on Debt and Credit Repair.
    All the tricks the councellors do are there.
    It will teach you how to do this like a pro.

    Do not under any circumastances go with a debt negotiation or settlement company.
    They will take all your money for profit for themselves.
    They will let your bills go unpaid while they collect your money for their pockets.
    This destroys your credit even further.
    And some people end up in court anyway being sued.
    They are not out to help you – they are there to make a profit FROM you.
    /

  2. JIM says:
    No disrespect, my friend, but some debtors consider actually being asked to pay money towards their debts as a “scam” – somehow believing that a consolidation company is a magic way out of their debt situation
  3. jd&andi in mo says:
    Unless they are a non-profit organization like Consumer Credit Counselors, stay away from them, they are just out to make money from you. The only way to actually ‘consolidate’ is to take a loan, pay off the cards, cancel the lines of credit and destroy the cards. Then pay the loan off. Most of these scams usually involve disputing all your debts to the big 3 credit reporting agencies and all this does is delay the inevitable for a short time. Nobody can remove a legitimate debt from your report, even if you settle. It takes about 7 years to drop off. If the cards are in collections or have been charged off and sold to a collection agency you can negotiate a settlement for about 25-50% of the original amount. If you do this get everything in writing and NEVER give collectors electronic access to your banking info, pay the settlements with money orders and keep the stubs.

    Most credit counseling will damage your credit too. You need to fix the root cause of why you are in this position to start with.

    ———————————————————————————–

    On July 5th I read some of the other answers you got and a couple of them are just sites trying to do exactly what you want to avoid(being scammed). Instead of a legitimate answer they are trying to lure you in as a customer for loans that looked very questionable to a downright scam when I checked them out. One of the sights was so bad it was almost illegible and an insult to the english language.

    No matter what you decide, please be cautious when it comes to your finances, the wrong choice could effect you for years.

  4. Len says:
    It’s true consolidation sites to charge you a fee; but they can negotiate interest rates down. Also they can usually lower the total debt owed. You can’t do that yourself. So if you owe too much consider doing it. See my review site on reputable companies: http://creditdebt1.com
    Also my debt blog: http://creditdebt1.com/blog

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