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Debt consolidation?

Posted by on Jul. 28, 2009 at 11:34 AM
  • 3 Replies


So I am trying to get some debt paid off, to get stuff under control. A friend suggested debt consolidation. I am wondering if that is a good idea? and which company is best to talk to. I don't want to stop paying my bills and hurt my credit. We have excellent credit. We have alot of hospital bills and my husband will be doing back surgery in a month or two and we need to have things organized. So I can easily pay things.

by on Jul. 28, 2009 at 11:34 AM
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Replies (1-3):
ChazznRoccosmom
by on Jul. 28, 2009 at 11:38 AM
I would just pay things off if you can. We did debt consolidation once. They had use make three monthly payments to them before they sent any off to the companies. All our bills were seriously deliquent. It sucked. It ultimately put us in bankruptcy because all the companies got pissed and then wanted huge amounts of money that we couldn't give them because it went to the consolidaters, who didn't send it all out on time.

 Chazz     Rocco    Joey


baby boybaby boybaby boy


  06-24-02   09-05-05   09-15-08

MrsCanCan
by on Jul. 28, 2009 at 11:42 AM

 i agree, you just have to pay off as much as u can when u can. You can also call the finacial dept of the hospital and see if they can help you with the bills. they just wrote off a 4000 ER bill for my husband as "charity" so that was a blessing. Also call the companys you are paying to and see if they can lower the payments. Good luck




 




 




 




 

RiNKeasMom
by on Jul. 28, 2009 at 11:49 AM

Most debt consolidations companies work by taking your payments and holding them. They wait till the credit companies you have put your account in delinquency and start making offers lower than you owe. By that time they then have enough of your payments to make that one, full, lower offer. This puts a negative score on your credit report.

Instead, start calling places. Hospitals will do payment plans, look at income and may write off some of all that you owe. Credit companies will lower interest rates, re figure minimum payments and may also write off some of what you owe. All this without putting up a negative score for you.

Good Luck!

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