Too much debt, too little money

Hi Raspberryswirl00

Welcome to the forums. If I have to evaluate your debt consolidation program with the company you were working, then I see that you are enrolled in it since the last three years and also have been making high payments. By now, things should have taken a better turn and you should have sensed the problems of your debt vanishing away. But it seems that the negotiations were not done in the right way keeping your interest in primary concern.

Under the debt consolidation program with this company, you will be able to see the remarkable change within a few months. The consultant will apply every possible way to negotiate at the best with your creditors to reduce your debts and thus eliminate it.

The consultant will play the key factor in eliminating all the financial charges and waive off the late fees which are considered to be the evil factors of the high roaring debts.

Please do not worry much as you have already taken the positive step to get rid of your debts. The consultant of the debt consolidation company operating in your state will get in touch with you at the earliest and lay the best proposals in front of you. Hope to see you back with your smiles and a comfortable living :)

Regards
Roxette

Hi Raspberryswirl00

Welcome to forums

The debt consolidation company in which you have enrolled yourself is not making the payment to the creditors properly. In addition they are not applying your monthly payment to settle off your debts. As a result of which you are drowning in debts day by day. Ask your debt consolidation company about your payment status and also enquire about your debt status. You should also request them to send you a copy of reconciliation statement showing the amount you have deposited monthly with them and the application of that amount till date. Please do not stress yourself out

Hope to hear from you soon

Regards
Peter

[quote=Raspberryswirl00]I need help! About 3 1/2 years ago, I actually went through a debt consolidation company to assist w/my credit card debt. Here it is 3 years into this program, & I'm still drowning. My payments to this debt consolidation are too much for me to handle & I don't know what to do. While I'm paying the debt consolidation each month, I'm barely able to pay my rent or car insurance. I feel lost & don't know what else to do.[/quote]

First, i would like to understand the type of consolidation program that you enrolled with close to 4 years ago. Was it a loan based consolidation program or was it a consolidation program that worked with your creditors to lower interest on your debts? This distinction could be critical because if you opted for the loan type of consolidation, this could be contributing to the dilemma that you find yourself in.

Through a loan consolidation program, you are technically using credit to pay for credit. Even though you eliminate one set of bills by entering the consolidation program, you end up taking a lot more debt through these long term loan programs. Some people just go crazy and take out a larger loan than they really needed. This will ensure that you will be making payments on this debt for many years to come.

there is another consolidation program that works with your creditors to lower your interest on your monthly payments. this has an overall cumulative effect of lowering your monthly payments. This type of consolidation program is more effective because you are actually attacking the interest which contribute to making your monthly payments high. So the end result would be an overall reduction in your monthly payments to make things more manageable. If you are not in this type of program, I would suggest that you enroll in one. If you call [877-No-debt-8] they will be able to assist you in enrolling this type of program.

But remember that these programs can only be effective if you reign in your spending and budget only for the necessary items in your life. It is important that you practice fiscal responsibility during this time period if you seriously want to eliminate the debt.