Debt Consolidation
Date: Sat, 10/30/2010 - 14:57
Are you talking about a debt management company or a consolidati
Are you talking about a debt management company or a consolidation loan? If it's debt management and ultimately settlement you're looking for, why not share more details regarding your debt? We can likely give you advice on how to settle the debt yourself - rather than paying someone else to do it.
Hi Kathy, You can get a list of debt consolidation companies fr
Hi Kathy,
You can get a list of debt consolidation companies from various websites. However, make sure you check them with BBB (Better Business bureau). You can also ask your friends and family to recommend a reputable debt consolidation company. You can also go through the customer testimonials to have an idea about the services provided by the company.
It is better to avoid those companies that charge extremely high fees for their services. If you are taking out a consolidation loan, then try to avoid those financial institutions that charge high interest rates on the loans. Some companies offer loans at a very low interest rates but increase the repayment period. So, it is better to not take out such loans. Of you have taken out a secured consolidation loan, then make sure you make the payments regularly. The reason is, if you default on it, then your lender may seize the property that secured it. These are some of the pitfalls that you should avoid during debt consolidation.
Quote:Originally Posted by AnonymousHow do I find a good debt co
Quote:
Originally Posted by Anonymous How do I find a good debt consolidator? What are pitfalls I should look for? |
In Ohio and I sure they are other places, we have Consumer Credit Counseling. They are a not-for-profit organization and their program is designed to help people pay off significant debt. Consumer Credit Counseling Service (CCCS) will act on your behalf with your creditors, working with them to establish a reasonable and mutually acceptable repayment plan. You will be able to make one convenient monthly deposit to them, which they then send to your creditors. Since they are not-for-profit, there is no large service fee that you would pay to other debt management companies.
