New Debt Management Co Recommendation

iVillage Member
Registered: 11-21-2005
New Debt Management Co Recommendation
2
Mon, 04-10-2006 - 8:53pm

Please help. I am new to this board. I am in desperate need of a debt management program. I am very much in debt (about 42k in CC alone) and can't afford my payments because of a reduction in income and increases in my interest rates (20-30%). I really want to start workinfg with a debt management company, but don't know who I can trust. I have heard so many stories of companies taking people's money and not paying their creditors. Does anyone have any positive experiences with a particular company?

Any help would be greatly appreciated!

Thanks!

iVillage Member
Registered: 05-09-2002
Mon, 04-10-2006 - 10:32pm

Hi,

I would be wary of any company that tries to renegotiate or lower your debt - I don't know if they are called debt management companies or not. I have personally worked with CCCA (Credit Couseling Center of America) and have found them to be very easy to work with. I know closing accounts hurts credit, but I could not be paying down my debt at all without this company so in my case, it was the only good option.

They got my cards and loans to all drop their interest rates. MBNA from 23% to 1%, other peronal loans from 21% to 6%. I've actually already paid off one credit card this year and I will be paid up on two other cards and one loan by July. I am finally feeling that I am really getting rid of the debt.

Good luck. This route is working for me.

Lauren

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 04-11-2006 - 10:49am

Hey Vicki - I agree with Lauren.

All my best,
Danni