What is a reputable debt consolidation company?

Sep.28, 2008 in Debt Consolidation

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kittygirl128 asked:

I fell behind on my credit cards when I had an emergency medical expense. Even though I have a steady job and income, they’ve raised the payments and dropped the limits so there’s no chance I’ll catch up. I want to do debt consolidation but most companies Google brings me are a scam. I know it ruins your credit, but 8 90+ past due accounts does that too. I’ve been unable to work out plans with them or find a second job. What is a reputable company?

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2 Comments on “What is a reputable debt consolidation company?”

wisegirl74
October 1st, 2008 at 2:43 am
The most reputable debt managing company believe it or not is you. Why give someone else your hard earn money to manage. You can design a plan that works for you (budget) and manage it every time you get paid, and follow the plan (it takes about 3 months) until you master it. Name every dollar in the budget and stop, stop, stop spending, use the clothes and shoes you already have and only shop for necessities, stop dining out and lunching out, start cooking everything from scratch it is cheaper and healthier. Frozen foods, prepackaged foods and specialty products are super expensive. Avoid them.

For those accounts who are past due, try to get current the best that you can, then start negotiating with them lower payments locked for X amount of time and start paying them off one by one starting by putting the minimum they want. Once you pay off the first credit card roll that monthly payment to the next one this will give you more money to cancel the next one and so one. If you really buckle up and if you really want to clean your debt and credit you can get rid of it within 2 to 3 years depending on your income. If you have two cars and are making payments on them sell one of them or both and get beater cars you need to make drastic changes whether you use a managing company or not.

Personal finances is 80% behavior and 20% math. So it is up to you.

Good Luck!!!!!!
Tom A
October 2nd, 2008 at 5:12 am
For me debt consolidation was a last resort… I just put together a blog on this topic at, just scroll to the bottom and click through to the blog. On the right I feature a few debt consolidation links that seemed reputable to me.