Considering consolidation as the option

Welcome to the Community :D Here is a link that explains the benefits of Consolidation at http://www.debtconsolidationcare.com/benefits.html You can discuss this with the credit counselor when they contact you, it's free. You can decide if this is something you are interested in or not. Please keep posting and asking questions, we are here to help and guide you through the process of becoming debt free!..Karen

Consolidation will be a good choice if you are already paying the minimums and are expecting to default in the future. The interest rate keeps rising and your payments will not touch the principal amount. Maximum will be eaten up on interest alone.

Your payments in the consolidation program will be lower than what you are paying at present. The counselor will review your financial status and offer you easy budgeting tips. You will not miss any payments in this plan and the debts will also get paid off. Review your options carefully before signing up for anything.

You can also consider debt settlement in case the consolidation payment sounds higher.

I find that consolidation was a very good option for me considering that I had these PDLs and they were not going on my credit report but I was having such a hard time paying for them.

When I was unable to pay back my PDLs and they had refused to make any kind of arrangements with me, I decided that I needed to go ahead with debt consolidation. Since then, I have had little to no problem with these companies except for one who calls every so often to get money from me. I find that I have a little more (not a lot) money in my wallet each month and I have not been having shell out money robbing Peter to pay Paul, Mary, Sue and Jane. And then it was just one payment and not a loan. I had finally decided to take charge back of my life and I haven't looked back.

You have come to the right place. There are individuals here who I have helped me out when I thought that there was no where to turn.

I hope that this helps you.

Congrats Alexandra. Nice to hear about your success. It's great to live with the feeling of being debt free. Now, that you have better knowledge of handling your finance, I am sure there will be little or no mistakes and you won't have to go through the same problems that happened in the past. Monetary decisions are very crucial. They need to be thought carefully before a move is done. Credit cards and pdls are thought to be the solution during times of need. But it's often forgotten that it comes with a price. If you have defaulted, that has to be the most expensive decision.