HI, I am hoping that people who have used debt consolidation or reduction companies, can give me a little feedback on what the process involves, what type of debt you started out with, how fast was it paid off? What did it do to your credit? I feel like I am drowning right now and have to think about this as an option, but feel I need more information from people that have used something similar before. Also, if you had a good experience, can you pass along contact information for the company you used? Thanks in Advance!
Tags: Debt Consolidation, Debt Reduction, Feedback
DON’T DO IT!! Call your creditors yourself. The consolidation companies have to make money, and they make it by taking part of your payments. Yes, they might negotiate better rates for you, but you can do that on your own for free.
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I used the debt consolidation service of and I was able to clear my debts within few year.
I had gone for debt management plan wherein a a debt counselor who would figure out exactly how much debt you have outstanding and everything about the debt. Then he would figure out which debt is needed to be paid off first so that you do not end up losing anything like your home or vehicle. After finally having figured out your entire financial situation he would contact your creditors that you owe money to and start negotiating with them in order to get your debt settled. And there after providing you with the affordable debt repayment plan.