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Debt Consolidation

Had anyone done any type of debt consolidation? Is there any government ageencies to go through, or government help. I am not looking for a hand out just a little help getting out of debt. It is actually for my boyfriend! He has a lot of old debt and I am finishing nursing school with a lot of student loans. And we have a baby on the way!!! Ahhhh! So any suggestions or references would be helpful. Thank You!!

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Anonymous

Asked by Anonymous at 4:29 PM on Jan. 9, 2010 in Money & Work

Answers (4)
  • NO NO NO NO. They are all scames, do not work, do not help your credit and only hurt you in the run. You are better off working out arrangements with each creditor on your own. Do NOT use any service, they are worthless.
    Anonymous

    Answer by Anonymous at 4:35 PM on Jan. 9, 2010

  • They arent really scams, because they will help you pay off your debt, however they add INSANELY large amounts of fees per month to use their services. Its completely better paying a little bit off each month as you can, because youll end up paying triple what you owe if you use them.

    They tell you that they will help you, they tell you there is a charge per month, they tell you all of this up front. Ive contacted them before... But after you call one time, they will call you back daily for a month or two trying to force you into using their services... They will charge way more than what your actually debt is in the end... And there isnt much fluctuation with what you can pay per month. They take your total income and set an amount for you... Not work with what you can afford. Its just not worth it.
    Itsonono

    Answer by Itsonono at 5:31 PM on Jan. 9, 2010

  • Most attorneys will say stay away from debt consolidation. Just make a great budget. My adult dd took over her bf's finances and in just a couple of years she paid off all their debt and their house. They used his income to pay the bills while they used her's to pay large chunks of principle.
    Anonymous

    Answer by Anonymous at 6:54 PM on Jan. 9, 2010

  • The Dept of Justice has put together a database of credit counseling/debt consolidation orgs with the DOJ stamp of approval-
    http://www.usdoj.gov/ust/eo/bapcpa/ccde/

    rkoloms

    Answer by rkoloms at 9:01 AM on Jan. 10, 2010

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