Is debt consolidation a good idea

What the counselors do is find out how much your take home salary is, how much you need to live on (rent, food, etc) and then figure out how much you can afford to pay each month. Then they contact your creditors and explain to them that you are working with a debt consolidation program and set up payment plans using the amount that you can afford to send to them. Some creditors will suspend late payment fees and interest while you are working with a debt consolidation company so your payment goes straight toward the debt you already owe. Each month they should send you a statement that shows where your money has gone, and how close you are to paying off each of your bills. This is a viable solution for many people, especially when you are overrun by debt.

Hi nubodysolutions, welcome to the boards. Someone whould be calling you soon to discuss your debt problems with. My idea is this, it depends on how much debt you have and if you have exhausted all your other options (i.e getting a 2nd job to pay down debt) Also if the majority of your debt or worries is payday loans then i would say no, there is an easier way to deal with this kind of mess. Good luck and keep posting

please call me would like to get started on a getting my bills consolidated you can reach me at personal info or e-mail address removed for your safety - SueBee thank you.

Linda -

welcome to the forums!

If you will take a moment to register with this site, your registration will trigger a call from a consultant in your area. The consultant will discuss your options for debt consolidation or settlement with you, and you can make your choices from that point.

Maybe if I tell you about my experience with debt consolidation, it might help you in making a wise decision.

I have been in debt consolidation prior to filing bankruptcy. However, with the debt consolidation company I had, my payments were not getting to the people on time as they had promised. Instead, I was being charged interest upon interest.

This time around, I did my research. The company I have now for my PDLs have been keeping up with my payments and every company that I had a loan with has been pleased so much so that they haven't called me. In my life, I found that debt consolidation was a way out to not help me pay off these debts, but to also prevent me from filing bankruptcy again after years of working on my credit.

I hope this helps you.