Debt Resources

[Angeleyes7715]

Not sure if this is the right section, but looking for honest and legitimate debt consolidation or get out of debt companies.

Was wondering if anyone knows a number or a website.

 

[jacks]

Start HERE
There are many questionable services that will actually add to your debt and take advantage of you, so be cautious.

Best of luck.

 

[miamited]

Hi angeleyes,

The only way to get out of debt is to either pay off your bills or file for bankruptcy.

There are some services offered through community organizations that can help you establish a budget and may even call those to whom you are indebted and discuss temporary interest rater reductions. However, you can also do this on your own. The first step is to close all of your revolving accounts, although you may keep one MC/Visa strictly for emergency purposes. You should not use that emergency card unless your car breaks down or your house catches on fire. If you don't think that you can keep your hands off the emergency card, then close all your accounts.

Basically, you must learn to live with the only plastic card you have is a debit card that you use as cash for any purchases. Getting out of debt is not easy. It takes real perseverance. Especially if you've been used to using credit cards.

You should establish a budget!!! This will let you know how much money you can expect to have as extra money to pay on your credit card debt. Without a budget, people are prone to make promises for payments that they find out that they just can't keep.

Each situation can have some unique features, but overall, to get control of debt you just have to stop using it until you've got your current bills paid down to a manageable level. Depending on how far in debt you are, that may take some time. You should also establish a savings plan. Pay what you can as extra principle on your current debt, but set something aside in a savings account.

As to the answer to your question, no, I don't know of any good debt consolidation or debt management agencies. I did a quick google and found Consumer Credit.com 800-769-3571/NFCC.org 800-388-2227/Credit.org 800-431-8157. These all came up searching for 'free debt counseling'. They all have websites that look like they can get you started with some basic information.

Good luck and God bless,
In Christ, ted

 

[miamited]

Hi again angeleyes,

If you have reasonably good credit, I'm always getting 0% offers with a 3-4% fee and you can use those, but you must pay them off before the term expires because then the rate jumps up pretty hard. If you go this route you must absolutely never, never use that credit card for purchases until you've paid off the 0% amount. If you do use the card, then the higher interest new charges that you make will draw astronomical interest because most companies will use your monthly payments to pay off the lowest interest balance first. Debt consolidation loans can often get you an overall lower rate, but you still have to stop using credit. If you take out a debt consolidation loan and continue buying on credit, you're just going to be in worse shape down the road.

If I can help in any way, don't hesitate to ask.

God bless,
In Christ, ted