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Debt Management Plan or call to get lower APR's myself?

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I really need to start getting serious about paying off my debt. I have around 38k, most of which is with B.O.A., Chase, and Discover. My APR's range from 14% - 19%. I have never missed a payment in my life and have decent credit scores (high 600's - low 700's), which I would like to avoid ruining.

I try to pay a little more than my minimum payments, but it is a struggle. I am barely squeaking by every month. I have looked into Care One and their debt management plan. They have an A+ rating with the BBB and I've heard really good things about them. They negotiate with my creditors to get a lower APR, then I make one payment to them each month and they handle everything else. They have a $35 startup fee and a $50 monthly fee (from what I understand). My question is, am I better off contacting the creditors myself to try and get a lower APR or is it worth paying Care One $50 a month to let them handle the dirty work?

If I do go with Care One's DMP, how will this affect my credit score?

If I choose to contact the creditors myself, can anything bad come from it (other than them denying my request)?

Any advice would be greatly appreciated.

Either way you do , your score is going to tank. Anytime you do not pay your account as agreed (agreed means card holder agreement) your score will go south.

Sub: #1 posted on Wed, 05/02/2012 - 05:00

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