Spyederman asked:
There are so many different companies out there claiming to be able to reduce your debt by 40-50% by working with the credit card companies. I want to reduce my debt and get it paid off once and for all without taking 20 years to accomplish it. If anyone has used any of these companies or knows someone who has and been successful with them please let me know.
Thanks!
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You do have other options, there is a way to accelerate paying off your debt without using a company to help you out. In fact if your credit is still in good standing, doesn’t have to be great you will only hurt it more by using their services. If you only paid the minimum payments on your debts would you have enough left over to pay an extra $50 -$100? If you could then there is another way… It’s called Accelerated Debt Repayment, depending on the amount of accounts you have how would it sound to you if you could pay them all off including your cars and mortgage in 7 -10 years?
DO NOT go to any for-profit company. They charge fees for all services and are not there to help you but to take advantage of your situation. Go to a non-profit funded (at least in part) by the government. In the United States, you can find one by checking this website:
Though many charge fees, because government funding doesn’t cover all their expenses, they usually base fees on ability to pay.
Read this first!
Guide to Getting Out of Debt
Debt Consolidation Companies
Is this a good way to get out of debt? Nope!
One point for clarity: Debt Consolidation means that you will still owe the same amount, but to fewer companies.
Debt Reduction means exactly what you want:
Less money owed.
This field is one of the things I engage in for a profit.
I charge for the service.
If you are behind in at least one of your bills, you can be helped for debt reduction. The more you are behind, the easier it is to negotiate a lower total…even with companies you are not failing to compensate.
Your credit rating will suffer with debt reduction. Be certain you are willing to suffer the consequences.
One of the books I handle includes over 90 ways for you to build your credit score. I will send you a copy, free, if you contact me through Yahoo.
The whacking you are going to suffer can be severe. Prepare now to rebuild your score…please.
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here: