Possible $ Mistake #3

[AzariahsMother]

Confusing Debt "Settlement" with Debt "Management"

When it comes to debt, one grave mistake is falling victim to an aggressive "debt settlement" firm that claims it can get you out of debt in the blink of an eye, risk-free. If it sounds too good to be true - it probably is. Know this: Debt settlement companies work with your creditors to "settle" your debt for, say, 50 cents on the dollar and while it's a quick fix, this arrangement will ultimately hurt your credit score. Instead, seek the help of a "debt management" program like one from the NFCC or Money Management International, which work with your creditors to reduce your monthly payments. The goal is to repay 100% of your debt and usually takes two to four years to complete, for $10 to $15 a month. Sometimes fees will be waived for extreme hardship.

Thoughts?

[michiganmom116]

i'm not going to pay anyone to do this for me when I can do it for myself.

[MDWife12]

I have always been leary about the debt settlements!

[Satan71]

I had some friends that went through a divorce and they used an approved Debt Relief organization and it did help them. But it was also a dire situation with either that choice or bankruptcy which neither party wanted to do.

[cjsmom1]

I think this can be a huge help with people who need someone else to come in and help them get payments lowered and more manageable.

[momto3isme]

I've never used either up to this point but might look into the debt management

[suziejax]

so true

[MamaBear2cubs]

I don't do debt management or consolidation.

[i.heart.myboys]

I would have to agree with this

Quoting michiganmom116:

i'm not going to pay anyone to do this for me when I can do it for myself.

[yvonne37]

Very good :)   I love english language, something can mean anything lol

Ok here are my thoughts, this is how we did it.  My credit, or may I say, lack of it was "fixed" by getting a secured credit card and using it wisely.. on the other hand my husband's credit was fixed by me calling the creditors and negotiating with them a payment or payment plan. We decided to do this because we where planning on buying a house and wanted our credit to be top notch in order to get a decent interest rate. We planned to achieve this in two years and we did.  If you are not sure how to go about it, then use a debt management program/help... if you believe you can do it on your own.. then dont hesitate.  First thing I did was research on laws and learned how to  and what words to use in order to get the desire response.

very good post lynsey :)