Vita Privata asked:
I have done it once with dept consolidation program, but it appeared on my credit and totaly ruined it. Now i got a letter from other “not “consolitaional program, but debt remediation… I don’t trust any of them, but I really need help in reducing my debts.
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Before you go and get a third party involved, you need to ask yourself if you started paying the min on all your balances, would you have enough money left over in your monthly budget? I’m only talking about an extra $50 – $200 a month? If you can manage this, if not look at your budget and see what you can eliminate. If your paying over $100 a month on satellite or cable tv, look to eliminate this and use that money on you debt recovery plan. An excellent course, featured on our homepage under our resources section is the Transforming Debt into Wealth Program from John Cummuta. I used this program to pull myself out of over $10k in debt using his simple debt accelerator strategy. I feel this is a must course, it not only shows you how to get out of debt but more importantly gives you an education about the credit industry and why you got yourself into this mess.
You can also visit http://creditopics.com/recommends/TDIW for the direct link. If you want to know more about this course and how it can help you please contact me (tab located just below header).
I read that there are really a lot of unsavory characters claiming to do debt reduction. I would call the Better Business Bureau and maybe some place like the mental health Center who deal with debt reduction counselors and get some recommendations.
Go directly to the debt reduction program without being recommended. A recommendation will cause you to have an extra $7 per payment/per month. So, if you have 5 credit cards that you want to pay off, it will cost you an extra $35 per payment every month. Not worth it.
Try to take out a personal loan with your bank or a secured loan and pay off your credit cards and re-pay yourself on a continual basis that the bank could set up for you or take out a pension loan. Less costly.
The best thing to do is compare, dollars and cents, per month against dollars and cents of corresponding programs, personal loan, secured loan, etc.
nearly all are scams. avoid them. they do nothing that you can not learn to do yourself. They usually take your money and pay off little if any debt for you.
the only one that is decent is consumer credit counseling service. cccs.
using them will be like filing a chapt 13 as far as your credit reports go…
you do have other options. Get on a budget, live below your means, stop borrowing… start paying the debt off. Stop spending more than you make.
sell stuff to pay the debt off… sell so much stuff the kids think they are next.
follow the baby steps.
also, avoid the earn money online scams/urls people post here.. they are also bogus
Heres’ a free personal finance course:
Hers’ the beginning of the debt section: