Debt
Date: Tue, 12/21/2010 - 12:25
I am experiencing financial problems to the point where I unable to pay my mortgage on time because of some loss of income and high credit card debt, ~50K. I have started the process for credit counseling from non-profit CCCS where I would be entered into a DMP and I have also contacted my mortgage company to find out if I'm elibible for loan modification. Not sure if this is the right way to go or if I sould seek debt consolidation where they reduce more than just the interest on the credit cards, they reduce the actual amount that you owe. Any help would be appreciated.
If you go for debt consolidation, then the debt relief company w
If you go for debt consolidation, then the debt relief company will negotiate with your creditors and reduce the interest rates at which you’re paying off the dues. Also, this will help you in eliminating your late payments. In case of debt settlement, the debt relief company will negotiate with your creditors to get your debts reduced by 40-60% of the amount you owe. If you’re able to manage your debts at a reduced rate, then you can go for debt consolidation.
Check out the given page in order to know more in this regard:
http://www.debtconsolidationcare.com/forums/about152.html
