Hello. I'm starting to get to grips with my debt, however I'm in two minds about how to tackle it. Some people tell me that it would be a good idea to consolidate all my CC debts (around $15,000) into one loan, and others tell me I shouldn't.
I've been reading a lot of stuff of The Motley Fool and they talk a lot about â€˜snowballing'. It's basically paying off your debt in the right order (there's a really good calculator at .... which you can use to see how long it will take you to get debt free).
Consolidation looks like the easy way out (assuming I can another loan), but from what I've read lots of people just get more debt.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.