Consolidation
Find a Conversation
Consolidation
| Sun, 02-05-2006 - 6:19pm |
I was just wondering what the general thoughts were on going to a company like InCharge or DebtAmerica to help with consolidation? We are in deep and just not sure what to do at this point.
Thanks
Tammy
Thanks
Tammy

Tammy - I am not familiar with either of these companies.
All my best,
Danni
Hello,
Before you consider one of the debt consolidation companies, take a good hard look at their BBB rating. In general, your credit score takes a *huge* hit when you use one of these companies to manage your debt. What I would suggest is that you find a *free* financial counselor that can help you draw up a budget and work with you to develop strategies to reduce your interest rates so your payments are easier to make. Maybe a church in your area offers counseling for financial problems, or could refer you to someone who could give you a free consultation.
Sit down and really taking a look at what you owe, to whom, when it's due, and how much is due. Calculate your income and total up your monthly bills. See what's left over. This will let you see what the "big picture" is with your debt. Work on the essentials: food, shelter, utilities, clothes, transportation, medical insurance, & auto insurance (the insurance keeps you from having large expenses later)
Sincerely,
Lindsey Schocke
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
I have been very happy with our debt management program. We are using a non-profit credit counseling service. We got way behind when I had to take 6 months of unpaid leave from work (3 months of bed rest and 3 months of maternity leave for my twins). DM reduced our payments and interest rates on our 12(!) or so credit cards. We've been in the program for 1 1/2 years, and our balance has gone from $54,900 to $39,500. We will be credit card debt free in July of 2009.
That said, we had a chance to do DM 4-5 years ago and chose not to. We put some loans in forbearance, and I negotiated a raise at work. You should weigh your options carefully before deciding if DM is the way for you.
-Sarah
Sarah
Mom to Gina & Tony
i just saw this on myspace they can't help me cause i don't live in florida but maybe this will help someone here. I cut and pasted the ad from myspace below.
Are you, or someone you know, drowning in debt? Has overspending or overwhelming debt begun to afffect your relationships? Do you toss unopened bills aside each month because you're too afraid to face what you owe? Can't pay rent on time or at all.
NorthSouth Productions, producers of A&E's new financial makeover series, Big Spender is looking for people whose spending habits are out of control. Our experts may be able to help you get your life on track. If you're ready to make a change in your life and get the creditors off your back, we want to hear from you.
The ideal candidates are couples (spouses, roomates, business partners, etc.) who live in South Florida with debt that is not allowing them to meet their financial goals and is putting a strain on their relationships.
To apply, go to www.northsouth.tv or call (954) 927-3772 ext. 216