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Care one debt relief services?

Has anyone ever used this debt consolidation company, and if so what did you think? I have never had to do this before and I have no idea where to start. I hear they've gotten good ratings though.

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Anonymous

Asked by Anonymous at 1:00 PM on Aug. 27, 2010 in Money & Work

Answers (5)
  • Google it and find out as much as you can about it. Check the better business bureau and state's attorney's office for filings against it, etc. You can not be too careful. Read the fine print carefully and know exactly what they are offering and their interest rates
    elizabr

    Answer by elizabr at 1:08 PM on Aug. 27, 2010

  • All I can say is don't go with Credit Solutions of America....if you really need to consolidate your debt try get a loan from your bank to pay off all your debt, then make payments to your bank instead.
    mrspierce06

    Answer by mrspierce06 at 1:08 PM on Aug. 27, 2010

  • Run the other way... I have issues with these so called "Debt Consolidation Services" because they are doing something that you can do for yourself with some patience and some phone calls. You are better off trying to get a loan to consolidate because if the Debt Service negotiates a reduction in balance of your debt, your credit score is gonna take a hit. Go to one of your local bank branches or credit unions and discuss the options they have available. It doesn't cost anything to ask questions. If you still feel you need to go to one of these services, please do a bit of a background check on them....Start with the State Attorney Generals Office and work your way down to the Better Business Bureau.
    WoodWitch

    Answer by WoodWitch at 1:39 PM on Aug. 27, 2010

  • Stick with a local company if you can and check with the Best Business Bureau before doing business with them.
    HotMama330

    Answer by HotMama330 at 2:06 PM on Aug. 27, 2010

  • If you sign up with a credit counseling and debt repayment org, be caareful, be very, very careful. A lot of them are total scam artists that have popped up in the last few years. Then ther are the orgs that pose as legit but have a less than savory reputation. IE: They get a non-profit status because they offer "credit eduation and counseling" which smount to little more than "You realize you have quite a bit of debt. You know you shouldn't do that." It has gotten so bad that the FTC is launching an investigation.

    Aso be careful of the fees charged. There may be an initial intake/counseling fee that should not be any more than 40-50.00 and a transaction fee for each online payment transfer to each creditor around 5-6.00.

    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 9:20 PM on Aug. 27, 2010

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