Any advice on Debt Consolidation??

iVillage Member
Registered: 09-01-2004
Any advice on Debt Consolidation??
1
Tue, 10-05-2004 - 6:20pm
Hello - I have spent a bit of time today in this area of iVillage, which is new to me, and though I have learned some effective debt repayment advice (like snowflaking), I wanted to put out some feelers regarding debt consolidation. Can anyone share any positive (or negative) experiences concerning this topic? Success stories? Nightmare stories? Can anyone attest to if debt consolidation works, or if they have experience of some companies being scams? Any first hand advice, comments, opinions, etc., is greatly appreciated!

Thanks! And now I'm off to find ways to start snowflaking!! Now if I can just stop spending......

Kindly,

Tiffany

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Tue, 10-05-2004 - 6:43pm

I think a lot of us here are hesitant on Debt Consolidation because if you don't close all your cards and actually curb your spending once you get a consolidation, you are in a worse mess than when you first started because it's so easy to get the balances back up ON TOP OF the Consolidation you have.


For more insight for specific questions the Debt Question and Answer board will have more information


http://messageboards.ivillage.com/iv-mldebtqa


I know we have refinanced our house and used our equity in it, not really by choice though, if our situation hadn't warranted it, I wouldn't have...it's not a position I wanted to be in as now if I screw up, they take my house!