Ever heard of Express Debt Settlement?

iVillage Member
Registered: 09-24-2007
Ever heard of Express Debt Settlement?
3
Tue, 07-22-2008 - 7:54pm
We are looking into options with our credit card debt, and my husband is interested in using a company called Express Debt Settlement, but I would like to learn more about it. I have ssen several of you mention CCC, but am not crazy about companies like that. A large majority of them actually are owned by the credit companies (that is how they can operate with only voluntary donations) and they frequently do not get your interest rate lowered. Given that two of our cards have raised us to 30% (even though we have never had a late payment) I am reluctant to utilize a company that will not get that lowered to a more realistic rate. I am not crazy about our credit scores dropping they are over 670 now (another reason I do not understand these two credit card companies), but we have a house and a new car so are not going to need a loan anytime soon. Our mortgage is a fixed rate and is very reasonable, so I am not worried about even needing to refinance in the next few years. Our debt to income ratio is high though so we are not qualifying for the consolidation loan we would need to get all of our credit card debt onto a low or no interest credit card.
iVillage Member
Registered: 07-11-2008
Wed, 07-23-2008 - 9:02am

Please do a bit more research before you go on!

 

iVillage Member
Registered: 03-17-2003
Wed, 07-23-2008 - 9:24am
This is a debt settlement company that you pay to set up an escrow account.
iVillage Member
Registered: 03-15-2005
Wed, 07-23-2008 - 9:46am

"I am not crazy about our credit scores dropping they are over 670 now (another reason I do not understand these two credit card companies), but we have a house and a new car so are not going to need a loan anytime soon."


Just so you know, regardless of what you do (except for doing everything yourself) your credit is going to take a hit.

Jennifer