I have about 15,000 in debt and considering a debt negotiation service, is this a good idea?
Answer:
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good luck!
In many cases these firms charge a fee. They also handle the paying of your bills. Some have failed to pay the bills and the debtor takes the heat for the non-payment with little or no recourse against the company. In truth this is not the best way to handle the situation. Even bankruptcy would be a better idea.
it usually is. Check them out with the Better Business Bureau just in case.
Your question is difficult to answer not knowing your circumstances such as how much you make, are you a home owner, have you saved any money, etc.
Depends
Use American Financial Solutions. they helped me pay off and reduce my debt the last five years.
This could actually damage your credit. If you can still pay, I suggest you don't use this services.
If you own your home, you may want to consider obtaining an equity credit line, the interest rate is much smaller than the one in credit cards or other type of credit.
good luck
No, Do not do a Debt CONsolidation service . There are very very very few OK ones and a multitude of bad and bogus ones.
You need to understand should you use one of CONsolidation comps. you will be viewed as having gone into bankruptcy for next 7 yrs if you try to get a mortgage.
Visit DaveRamsey.com to learn what you don't know and why you don't know it.
Get 2nd & 3rd part time job, save , pay off your debts and never go back into debt salvery.
Did you know 1 of 5 college grads files for bankruptcy because of Credit debt within 5 yrs of gradaution?
A second job could have you debt free in 15 months.
Charles, the answer would be easier to offer, and more meaningful, if one could place the problem in better context. What I mean is, the significance of the absolute amount of debt is relative to other variables, such as cost of debt service (the interest rate you pay on it), your income, assets, liquidity, other expected expenses, and so on, including the nature of the debt. Bills for medical service imply something different about a debtor than do credit card debt accumulated for discretionary consumer goods. A debt counselling service provides convenience, but really, they will do what you already know needs doing, and what you can probably do for yourself. You've acknowledged the problem, which is a great first step. Card companies will work with you, especially if you call them before the account goes to a collection agency. Take the bull by the horns, and begin by changing habits; if it's card debt that tripped you up, cut up some cards. It's a sizeable debt, but probably manageable, and you won't believe how great you will feel when you are out from under it on your own volition, no matter how many months it takes. It's a safe bet that you won't let it happen again, too.
Dave Ramsey has a great plan called the "Snowball Debt" plan that has worked for thousands. He has a nationally syndicated talk show and a web site. Check him out first. Why pay someone else to handle your debt, when he tells you how to handle collection agencys, etc. etc. for free !??
not a good idea
No they are not good, what they do is not pay your bills and then they negotiate with the lender after your bill hasnt been paid and pay a lesser amount, In the long run you screw yourself. best thing to do is pay your bills and cut your credit cards up.
NOOOOOOOOOOOOO! I went through a debt consolidation place and they screwed me up even worse. They said they were no charge(volunteers), but I paid them alright. Work with the collection agencies if you want help they will help. Just don't avoid them. Close mouth does not get feed.
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