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debt counseling
Old 06-21-2012, 09:03 AM
 
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Have any of you done this?? What does it help with? Is it worth it? Who do you trust to go to??

Thanks!


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I also have debt
Old 06-21-2012, 09:30 AM
 
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I'd be interested too!
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Old 06-21-2012, 09:53 AM
 
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Sorry, I haven't done it. I have done it for a couple people.

IMO, unless they are 100% free and not trying to sell you something, there must be a friend who could help you budget.

Good luck.
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Old 06-21-2012, 11:29 AM
 
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Are you looking for someone to help you get your credit cards paid off and interest lowered or are you looking for more? We went to a company called Take Charge America. If I have any questions all I have to do is call and talk to them. They call every once in awhile and ask how we are doing to. We will have our credit cards paid off in less than two years. Of course we have no credit cards now but living on cash is helping. It may be killing us at the moment but I can see how we will be better off in the long run. They helped us come up with a budget. We had to tell them all our fixed expenses and then the "extras" we had. It is hard for my husband to keep on the budget. We pay a very small fee for them to be the third party. I still get all the bills and we see where we are. It was so nice to have some cards paid off. That is what keeps me going. It's not always easy but it will be worth it.
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We used
Old 06-21-2012, 12:49 PM
 
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American Consumer Credit Counseling for our credit card debt. The contacted all the companies and lowered our rate. We closed all the cards and stopped using them. We owed $24000 and paid $652 a month. That amount was actually lower than all the minimum payments seperatly. It was supposed to be 4 years but we are paying them off next week making it 3 1/2 years because we paid extra. They charge $3.00 per card per month for their service. Totally worth it because of the interest rate reduction they were able to get. I tried calling the companies on my own before we started the program, but they refused to lower the rates.

It does affect your credit, but my husband and I both have scores close to 700 now. It didn't cost us anything to get started with them. Honestly, it was a great financial decision because it forced us to get real about using the cards and taught us how to budget and live without them. It will be so nice to have that money back into our budget again!! Feel free to PM me if you have any other questions!!


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Old 06-21-2012, 01:06 PM
 
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There are a lot of scammers who do this, so be absolutely sure you are working with a legitimate company.

http://www.nfcc.org/about/work_with_NFCC.cfm

I did it a long time ago before I was married. I had to cancel my credit cards but that's a good thing! If you're in CC debt, it's not because you know how to handle a CC wisely.

They negotiated a 0-5% interest rate on them and set up a payment plan. They were all paid off in a fraction of the time it'd have taken otherwise. One of them originally had a minimum payment that would have had me paying off the card NEVER. The principal was growing because the minimum payment was less than the interest. (Obviously, this was a long time ago. I think that's illegal now.)


People said not to do it because my credit was good because I was paying them monthly, but I think that's bad advice and puts way too much emphasis on credit ratings. Unless you're buying a house, your credit rating doesn't really make a big difference because you're learning how to live without credit. And I'd rather have bad credit and have the cards all paid off in a few years and then take a few years to get my credit rating back up than be drowning in debt the rest of my life.
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Old 06-21-2012, 02:53 PM
 
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Credability! They are free, through United Way so you have nothing to lose. Do a Google for their 800 number!

Nancy
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Old 06-21-2012, 06:55 PM
 
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Just looked this up online. They had an online person to chat with. Looks pretty awesome!
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