| Message |
Author |
Posted: Tue Jan 06, 2009 10:35 am Subject: Thinking about debt consolidation |
|
|
I am thinking of consolidating my debt since I have about 15K in credit card debt. I never miss a payment and they are always on time. Never been in collections, but I feel like my debt is a cloud over my head and I would love to be in the + rather than the -. I am afraid that if I do go to a debt negotiation/consolidation company that it will reflect poorly on my credit report and we are trying to buy a house before the end of this year...I'm at a loss.
_________________ Register today to cash in debtcc points.
|
|
InDebt09
Guest

Debtcc Points: 100
|
|
|
Posted: Tue Jan 06, 2009 10:58 am Subject: |
|
|
I will only reflect poorly for a short time and not much. Stay away from debt settlement however. Also check out the consolidation company you use thouroughly. There is a ranking chart on this site.
_________________ Join the Greatest Pre Launch for Free and Get Positioned! This is BIG! http://tinyurl.com/slfsys
If you like yard sales visit my blog
www.myfrogpatch.blogspot.com
Follow me on Twitter www.twitter.com/frogpatch
|
|
frogpatch
Moderator

Joined: 09 Apr 2007
Posts: 4367
Debtcc Points: 46067
|
|
|
Posted: Tue Jan 06, 2009 11:58 am Subject: |
|
|
I agree with frog patch. Since you can afford to pay your minimums but just want to get out of debt faster I would not do settlement because that is a program for people in a hardship who can't afford their minimum payments. I would definitely look into a dmp with a 501(c)3 non-profit credit counseling company.
_________________ Scammed ? File complaints at these links
FBI
FTC
State Attorney Generals
TASC
|
|
mobile0311
Moderator


Joined: 05 May 2008
Posts: 1678
Debtcc Points: 8896
|
|
|
Posted: Tue Jan 06, 2009 12:54 pm Subject: |
|
|
Let me chime in. I was looking for a good DMP program, for fear of settlement effects. However, in contacting over 10 credit counseling companies, every single one wanted monthly payments over $100 above what I pay now. All of them had $40-50 monthly service charges. All of them would not take AMEX or Dell Financial. As a result, I will be doing settlement.
_________________ Register today to cash in debtcc points.
|
|
ajrayman2k9
Guest

Debtcc Points: 100
|
|
|
Posted: Tue Jan 06, 2009 2:20 pm Subject: |
|
|
I know you can call AmEx on your own, but not sure how much they would work with you. They sent me a letter telling me that that would work out a payment schedule with me.
|
|
edwvu76

Joined: 11 Dec 2008
Posts: 20
Debtcc Points: 213
|
|
|