What is a legitimate credit card consolidation company?
I know that is not the best option. Please do not tell me how manage my credit cards. I am beyond that stage. This is the last option for me. I know some companies are some fraudulent and effect your credit more negatively than others. I just need to know the names of companies that are legimate CC consolidation and perhaps will not hurt your credit much as others.
Keep away from debt consolidation, 'company that has promised to halve its debt through of debt settlement …. This is a risky tactic deliberately let all payments to creditors and forcing its delinquent accounts to deal with the settlements. You pay a monthly fee to a debt consolidator …. the entire fee is intended to build a settlement account and fees consolidator "fix" accounts in the future. Your credit card companies deliberately not be paid for all default accounts / cancellation of debt so they can treat settlements around 50%. If you are current on their accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll of the dice with your finances … You can never predict how it will respond to your creditors with deliberate disregard of their accounts … that could be placed in 50% … or can be to serve you a summons, it will take to the courts … and if they win, you could be facing wage garnishment. None of these debt consolidation "Businesses have the power to force your creditors to accept settlements. Creditors have the right to decline these terms and will take you to court. If you have already failed on their cards or are in arrears, then you can negotiate directly with creditors. See Suze Orman's advice: ==================== http://www.youtube.com/watch?v=jS43XFa3KGU Plan B is entering a debt management plan (DMP) with a credit counselor nonprofit as the CCCS (Consumer Credit Counseling Services). Contact your Red Cross for a referral. They can negotiate lower payments and interest rates. Do not negotiate. You will be asked to stop using all credit and cutting their cards. Your credit report will be updated to "enrolled in debt management." This is not to damage your credit, but may make it impossible to obtain new credit while you are enrolled in the program …. so do not use this service if you anticipate applying for a new apartment, car loan or mortgage in the short term, as you probably would refuse, as you are enrolled in the program CCCS debt management …. Otherwise, it can be a very good way of dealing with your debt. =============== Plan C is filing for bankruptcy Chapter 7. Keeping all options open and what is best for you.
Consumer Credit Counseling of the Quad Cities
