A question for those who have done debt consolidation

[Stepharoonie!]

I'm curious...those of you who have done debt consolidation, was it worth it? I'm trying to get two credit cards taken care of that are way out of control, and I'm not sure if doing a debt consolidation or one of those "debt management" (those companies who have you "save up" 40% of the credit card bill payment) is the right way to go.

Does anyone have any recommendations? If anyone wants to PM me about it, or tell me which company they've used, I'd appreciate it. Thanks.

 

[Serena]

Steph, can you just transfer the two amounts onto another card that has low interest? That would be the same thing without all the additional fees. The transfer would incur fees too, but not nearly as much.

And from personal experience, cut up the cards, and put one card away. That way you will have it if you need it, but it would only be in an emergency.

 

[Stepharoonie!]

Well, to keep a long story short, while living with my husband, I was employed by him in our store. During those 3 years, I never received a paycheck. While the credit cards and car was in my name, he was (obviously) the one who paid for them.

When I left him, I found out the cards had not been paid for over a year. While this will probably end up in all of my divorce paperwork, right now it NEEDS to be taken care of. I have horrible, horrible credit (and have already done bankruptcy once due to him as well two years ago), so transferring is not an option.

Was I stupid? Oh my, yes. Have I learned my lesson? YES!

 

[Serena]

Yikes! That is a bad situation.

I wish I had some advice for you. I haven't ever been in that situation, not yet thank goodness. I hope someone else can help.

 

[mudnuri]

1st- if you do go with a debt consolidator. DO NOT PAY A FEE!!!

2nd- there should be a debt counsecling service in your state...they are non-profits....BEST thing to work with!!!

3rd- sometimes, if you call the CC company, they will stop interest while you make agreed upon payments....

Brandy

 

[aprilgail2]

I used Debt Free America and was VERY happy with them....it didn't cost me a penny to sign on with them and in just 3 years I was debt free and I also have NO problem getting car loans and I even got a credit card that was fairly low interest while I was in the program...you can't be without a credit try renting a car without one! So I just have it tucked away for emergancys and pay off whatever I put on it right away so I won't ever get in the too many credit card problem again!

 

[Alice28]

I sent you a PM