debt consolidation/debt management

[Sora777]

Can anyone offer any information a reliable company or program out there? Pros? Cons?

Any help offered is appreciated.

 

[Chicago526]

CCCS is probably one of the only debt service that really is on the up and up and won't rip you off and leave you in worse shape than before. Go to United Way's website www.liveunited.org, then type in your zip code to locate your local United Way, from there you should be able to search that site for "credit card debt" or "credit card counseling" and a link to your local CCCS should pop up.

That said, I also recommend that you read Dave Ramsey's books (Total Money Makeover), he has the best plan to get out of debt without declairing bankruptcy or using a counseling service. It's lean and mean, and not easy, but thousands of people have been able to get out of debt in a reasonable amount of time (he says the average for people that follow his program is about two years to pay off all consumer debt). You don't need to buy any of his products other than his book, and that you can get for free from the library as well!

 

[purpletiger]

I also recommend CCCS. Their official website is www.CCCS.net which I am sure you can browse the site and find your local debt counselor. I have used them twice in the past and did it all over the phone. Did not ruin my credit and I have bought a house and several cars since then and got exactly what I wanted as far as % goes. You will call and set up an appointment for them to call you (both you and your spouse have to be there) then they will go over all your debt/income and decide if the program if right for you. I am even going to Disney this year and even have been on a vacation every year prior, during and after my CCCS experience. Good Luck.

 

[AmberHeartsDisney]

i agree my mom used CCCS also

 

[palavra]

I used InCharge for the debt consolidation of two of my credit cards and been very happy. They lowered my interest rate on both cards from 19% on one and 26% on the other to 9% on both. I've paid off almost $8,000 in two years.

 

[Fritochips4u]

FYI,

If you use a credit counseling service, it ruins your credit just as much as a bankruptcy does.

Be aware of that fact.

 

[gilby]

Check out Dave Ramsey.com

 

[mami2camjax]

I hear such conflicting things about CCCS services. I have a lot of debt and have been thinking consolidation would be good, but I also have an excellent credit score right now, upper700's, so despite my load of debt, I do get by paying it every month and don't want to ruin my credit history. I am going to call my credit card companies to see if I can get my interest rate lowered and maybe that would help, I just need to get this under control. I've read Dave Ramsey and I want to follow it, I really do,but I just don't know where to start..

 

[Chicago526]

I hear such conflicting things about CCCS services. I have a lot of debt and have been thinking consolidation would be good, but I also have an excellent credit score right now, upper700's, so despite my load of debt, I do get by paying it every month and don't want to ruin my credit history. I am going to call my credit card companies to see if I can get my interest rate lowered and maybe that would help, I just need to get this under control. I've read Dave Ramsey and I want to follow it, I really do,but I just don't know where to start..

Calling the CC's is a good place to start. Don't take the first (or second, or third!) "no" for an answer though. Be polite but firm and keep asking for that person's supervisor. Some you may not get to budge, but you should be able to get most of them to work with you.

Once you get your interest rates as low as you can, then doing Dave Ramsey is simple (not easy, but simple). Just follow his steps from the begining, one at a time. You need a budget, you need to cut costs, you need to raise your income if you can, save up a baby emergency fund, and then pay towards your CC debt as much as you can. Remember, you didn't get into debt over night, you won't get out overnight either. But the sooner you start and the harder you work, the sooner you'll be done.

 

[mami2camjax]

Has anyone had luck with Discover or Chase lowering the interest rate? Those are the only 2 cards I have that hold most of my credit card debt. They are both at about 14.99%, but I would like to get down lower so I’m not paying so much interest.
I do have about $2500 in savings. I have $1000 though set aside for our upcoming trip to Maui (I’m only taking the trip because my sister is getting married and my daughter and I are in her wedding..that’s not exactly helping my budget issue, but she’ll only do this once and I don’t want to miss it.)
I’m not sure how to make extra income, I’m a single Mom supporting 2 kids and don’t know how I could squeeze in a 2nd job, when my time is already accounted for most of my days/weekends. I guess I could sell stuff that’s laying around the house not being used.

I do have hope that someday I won’t live paycheck to paycheck.