I am about to enter into a debt consolidation program.?

I have done my research, and have made sure they are a member of the Better Business Bureau. They also have the least complaints, and have resolved them. I also will have my interest rates almost cut in half, and all my debt payed off within four years. Which is such a load off, knowing right now all my payment is going towards is the interest. I do have one concern I wasn't sure of. My adviser told me that after I pay my debt off, that all signs of me being in the program, has to be taken off of my credit report within 30-90 days. according to the fair credit reporting act. I looked up the fair credit reporting act law, and it is so long and I couldn't find what I was looking for. If anyone knows that it is in fact true, and have went through a simuliar program I would appreciate your comments, and hearing about your experiences. Thankyou

Get out of the debt consolidation program. It's not worth it, and since you are heavy in debt, where can you find the money to pay these people? You chould have used this money to pay some of the credit card bills. Here's what you should do...

Get on a budget, pay your rent or mortgage first, food and then utilities, and car. Whatever money you have left over, will go to the credit card debt.

List all your debt from smallest to largest. It doesn't matter what the interest rate is, just list them that way. Pay the minimum on all but the smallest one and the rest of your cash goes to that one. Once you paid the smallest on first, the use that money to pay the 2nd and so on.

Pick up Dave Ramsey's book, they may help you. You don't need a company to do all that for you. You can do it yourself.

4 years is too long...you should get it all cleared up no more then 3 years.

most debt consolidation companies do little or nothing other than take your money. using one you will be treated as if you filed a chapt 13 bankruptcy. Did they mention that? IF you must use one, CCCS is among the best.

the only thing that can be removed from credit reports is errors.... I think he's wrong there.... eventually after years, it may come off by itself... but 30-90 days sounds bogus to me.

Entering into a debt consolodation agreement is not a good idea. On top of all this, you will be paying their fee.

If you really want to do this, cut up your credit cards. Call each credit card company and tell them you are broke and can't make your payments. Tell them you were dealing with X consolidation company and they said that they could reduce my interest rates in half. Tell the credit card companies that you would like the same deal. They will give it to you and you can set up a payment plan directly with the credit card company. Thus, no middle man and there is more of your money paying down the debts. Don't let the credit card companies scare you because we have never had a debtors prison and most credit card companies will just write off the debt anyway.

Tell the credit card companies that if they don't deal directly with you then you will be forced to default on the debt. Tell them YOU NEED HELP NOW!. They will listen. After all, if the debts go to collection the credit card companies are willing to take $0.50/$1. That's how the collection companies get paid. The collect what they can from you and settle the account with the credit card companies at half it's original value. Anything above this that they collect is their profit. Don't fall for this either.

I suggest you find yourself a copy of "Back Off" by Benjamin Dover. Yeah, his name sounds funny but's a real book with real help for people in credit trouble.

I just checked Amazon.com and they have a copy of Back Off, used for $.01.

Good Luck!

I did a debt consolidation program (In Charge) and it really helped. I paid less every month, had everythings paid off much quicker, and it did not stay on my credit report.

Hi,
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