Debt Management Info Blog

jenny asked:


my husband and i have found ourselves with overwhelming credit card debt….i have looked into debt consolidation programs but my husband says that if you do one of these programs it hurts your credit rating…is that true? does it show up on your credit report? and has anyone participated in one? was it worth it? did it help you? are there any risks??? what company did you go with?

Thanks!

mom24athome asked:


I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren’t worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!

Alan L. asked:


Just yesterday I received an unsolicited email about a a credit card debt cancellation service called DebtClear. Coincidentally, I’m now looking to get out of debt so it’s peaked my interest. However, I want to be careful. The program (called Court Mediation Services) explains how it can legally eliminate your debt (usually in several months) and get your credit re-established. Supposedly their organization is a team comprised of debt management specialist and debt attorneys… It sounds good but I have some suspicions. I filled out a simple opt-in form and they sent me to this url: http://www.debtclear.com/programs/5877587?nid=74923. I want to know if anyone has heard of this organization before or what kind of results they had with it. Anybody have any info on this?? Thank you kindly to all who can offer some help…

Billie G asked:


I am thinking about going through them for credit counseling and possibly even a debt management program to reduce my credit debt to manageable levels. I live in Albuquerque, but they have a bunch of offices in Arizona and New MExico. Does anyone have any experience with them? If so, how did it affect your credit, and how did it all work out for you?

By the way, I found them at the nfcc.org member location website, so I am pretty sre that they are legit.

Thanks.

ButSiriuslyFolks asked:


We are refinancing our house to pay off some credit card debt. I have heard that the debt management companies will negotiate on your behalf and either lower the interest rates or lower the amount they will accept to pay off the debt. I have also heard you can do that yourself.

Anyone have any experience with this tactic? I have also heard that trying to settle for a percentage of your balance will wreak havoc on your credit rating. Is it worth it to save a couple of thousand dollars?

Do you try and reach an agreement with the first CSR you talk with, or does it only count if you negotiate with a manager or other official? Should you get the agreement in writing, as well as any effects on the credit rating? What is an appopriate percentage to ask for (50%? 60%?), or does it depend on factors like amount owed, past payment practices, etc.? Does it help to threaten you might be filing for bankruptcy if they do not settle?

ryryguy asked:


are there consolidation loans that combine your students loans with any credit card debt?

Sharla asked:


I’ve got about 6k in credit card debt, should I look at consolidation loans?

m_snider9430 asked:


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

E G asked:


Why would you even want to do it then if you can never get credit after debt consolidating, how long does it take. I’m confused, please clarify?!?

dfdalijkl l asked:


I have some bills that need payed off and I have one credit card. My question is if I go or contact a Credit counselor or Debt help business(Careone credit,debt relief agency) will they freeze my credit card account or put it on hold? My debt situation is not bad, but I’ve heard that if you seek help through a business that specializes in credit card debt or collections, they will freeze all of your credit cards. I am slowly building up my credit and I would hate to have them take my card away. Is this true? Any one that has or has had this problem or knows the facts please let me know some options…..Thanks!!!!