Enroll in a debt consolidation plan

I am enrolled in a debt consolidation program including five major credit card debts. Everything seems to be working well and two of my accounts are going to be paid off by July. Well, I hope to be debt free by this time next year after paying all other accounts. I am working with the company in my area referred by this website. You may also try a free quote from one of the counselors referred from here.

Thanks for your reply! How long have you been in a dc program and are the payments reasonable? Also, did this affect your credit? Thanks for your help!

I am in the program since the last year and I kept my plan according to my present financial situation. The payments are not high because I am up to the extent of how much I will be able to afford towards my debts, keeping the utilities, car payments outside the plan. I have to keep my expenses at the lowest to see the program finishing earlier than scheduled.

Credit is not affected by using the consolidation plan. The debts need to be shown as paid and this program helps in catching up the payments. Moreover, I have the benefits of lower interest rates to pay off. If you don't use this and keep your accounts defaulted, you are doing no good to your credit. Credit scores will be down for a certain period of time. Once all the accounts are shown as paid in the credit report, credit scores are bound to rise higher.