Anyone do debt consolidation?

it helped but at the same time, it pissed me off b/c it looks bad on your credit report. if you can do it on your own, even with the minimum payments, your better off. good luck

I've heard that it is bad on your credit...


could you talk to one credit card company and get a low interest on transfers and put it all onto one card...and then cancel the others and just pay the one...


the company may actually help you out...

I actually did it about 3 yrs back, and when I went to refinance my house, I found out that it looks bad on your credit.

Be careful. I'd only recommend doing it if you absolutely must.

We did it. Our creditors all sent us letters saying how smart we were for doing it. We did it through American Financial. They negotiate all the credit cards down to a lower interest rate b/c they are guaranteeing money every month. We pay one fee, and the debt people pay the creditors. It was the best thing we ever did. They only charged us $40 as their fee per month. We are saving a rediculous amount of money by doing this. Also, our mortgage broker said it looks great on our credit because we realized there was a problem and took care of it and not let it get so bad that we had to claim bankruptcy which looks worse. Of course be careful, some are scams. But check out American Financial Solutions. Any questions, FM me.

You call the place, send them your statements (or do it over the phone) and then they call the creditors and decide on a payment that is feasable to all. Then you get an itemized bill telling you what the credit cards are being paid. Then the credit card companies send you a letter congratulating you on deciding to go into debt management and that they accept the offer. Then, as the deby starts to go down, you can pay them off yourself-just get rid of them. I love it. We are so glad we did it. And...when you pull up your credit report, everything is current! You can do that with consumerinfo.com. They say you get a free credit report (you really dont, its like $5) but you can pull it out of your checking account (or credit card, but I have none) and pay the 'membership fee of like $50) as soon as you get your report, call them and cancel the membership fee, they do it right away. But at least you know where you stand with your credit score, etc.

You just have to agree to close the accounts until they are paid off. You still get a bill each month, but you just file it away. It shows that the creditors are being paid.