Need advice on a good debt consolidation company that can help me!?
June 24th, 2010 | 
Author: Hello, Im in much credit card debt, around ,000, and was wondering if someone knows of a good reputable debt consolidation company that can help me, Thanks.
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These are important points to check while searching for a reputable debt consolidation company;
First, while talking with debt consolidation company representative you do not get a clear explanation about what exactly their services are, worst than that, they try to force you accepting some of their debt consolidation loans.
Secondly, there are hidden charges involved by taking their services, for instance an upfront payment is a big no-no warning. Moreover, you need to read thoroughly any documents searching for other kind of fees different of the interest rate, in the case you are applying for a loan.
Thirdly, how about disclosing your financial information before even talking about the services offered with the debt consolidator, there is no reason to do that and you know this is another important warning.
Last but not least, remember that by making good faith payments your are giving debtors proof that the debt is yours, then they can start charging fees because of this payment, some debt consolidators could ask you for voluntary donations or the good faith payment mentioned before, as you can see this is another way to trap you, once the payment is made they will start the status of limitations over.
One good debt consolidation company I know is http://www.consolidate-bills.com . I’ve been working with them 3 times and I am very happy with the result. You should try it.
Good luck
Credit card debt consolidation can be a great way to start tackling your debt – whether it’s just lowering your rates, getting a better loan, or cutting your payments to get debt free faster.
Be sure to also investigate if debt settlement is a better way to solve debt problems. I was also in deep debts last year and I took help of Bills.Com to consolidate my credit card debts, now I am almost debt free. I am happy with their service and recommend you go for them.
You may want to explore debt settlement as well, so you know all of your options.
Debt consolidation will replace your current loans with a single new loan. Though the interest rate will be lower than that on some of your cards, these loans are not as low priced as they used to be. Your payments may be a bit lower and will switch to fixed payments.
With debt settlement, a negotiator contacts your credit card lenders and convinces them to accept a smaller, lump sum payment as payment-in-full. So, you will actually get your $40,000 credit card bills paid off for less than $40,000. There are of course consequences to this: your credit rating will likely take a hit and you may owe taxes on the forgiven debt amount. Debt settlement companies also take a fee, which can be as much as 30% of what they save you. However, they can provide real and substantial savings to people like yourself with a substantial amount of debt.
I work with http://www.debtlineusa.com
Good luck!
You are asking the same question a lot of people are asking nowadays. It is important that you understand that many consolidation loans convert unsecured debt that can be discharge in bankruptcy and are much easier to negotiate down into secured debt that place an asset of yours, often your personal home, at risk in the event you default.
You should look at all options available to you to get out from under that 40k including debt consolidation, credit counseling, bankruptcy, debt settlement, and not doing anything. Talk to several companies before making a decision. Everyone’s personal situation is different and there really is no one-size fits all answer. Discuss your situation with an attorney or financial professional, choose a route, and then stick with it.