Negotiate a Debt Settlement

Is it a bad idea to use a consolidation company to eliminate my debt?

Does it show on my credit history in a negative light?

Public Comments

1. No it is not at all a bad idea but rather good as you will come out of your debt. You can also take a loan and clear the debt. You can make some search on yahoo or google to find some company . TO know more you can visit http://geteasyloans.blogspot.com and http://creditcardbiz.blogspot.com
2. A friend used a company and now she is having trouble with that mark on her credit plus they really didn't get help her as much as they promised. I was told that it shows as one step before bankruptcy. If there is any way that you can get out of debt w/out contacting a consolidation company I would try that first. Though I know for some that is the only option. It will take a while to rebuild your credit but it can be done.
3. I disagree with the other answer well in most cases. If your young and dint have more than 10,000 in dept. It may be a good idea, but, If your older you may want to consider bankruptcy. It's not taboo like most think. You can not lose your home, car, IRA, 401K You can however lose some stocks, If you have stocks cash them in and use it to show you can pay for what was mentioned. Consolidation does show on your credit. Most show slow payment. Bankruptcy at least gives you a change to discharge your dept and start fresh. You will be able to get loans in less than two years if you show your improving your credit. Do not have a high credit ratio, meaning you have to much available credit. Most people don't realize that having a lot of cards is not in their best credit interest. Best of luck
4. Seeking help to repair your credit is not a negative mark against you. The key to consolidation is to work along side with whatever company you select and make it YOUR responsiblity to ensure that bills are paid on time and your credit report is reflecting this information. Most people think they can just hire a debt management company and close their eyes. In addition, you need to examine your spending habits to make sure you don't relapse back into debt. I hope this helps. Best of luck.
5. Cyprian Associates can assist you on repairing your credit for $200.oo within a 6 mo period. Thinks you want to go away will go away. email: cyprianassociates@yahoo.com
6. I would stay away from debt consolidation companies. The problem with these companies is that they consolidate your payments in to one payment and distribute that single payment to all your creditors. In theory this sounds good, but they rarely make the payments on time and that trashes your credit worse. Avoid the high fees and do the work yourself. You will still have multiple payments, but you know what you can afford and you can ensure the payment is made on time,
7. Sometimes it is! They may just pay off your bills one at a time, and not make the minimum balance on the others, which is bad for you. If you need to, call the card companies and negotiate for yourself. That won't hurt you. Being in a situation where you need a credit consolidation company is bad enough. You need to focus on monthly payments, and get them in on time. Don't miss a single bill, and your rating will go up. No store credit accounts, or bank accounts, or loans, or credit cards until everything is settled. Don't close accounts either.
8. Debt consolidation will not 'eliminate' your debt. All it does is roll all your small debts into one big debt but let you pay it off over a longer period of time. You still have the debt. You still have to pay it. If you go about this in the right way and if you do not use debt consolidation to simply get further into debt, then, in time, it can help your credit score. There is an explantion of how this works on this website. I hope this helps. Good luck!