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I’m going through a credit management company to help me lower my debt. I am about $ 15K in the hole with various credit cards and department store credit cards. I mailed out cease and desist letters to each of them to quit calling me, because I get calls every day at home, and even a few times at my job. Let me know your experience(s) with this.

7 Thoughts on Are credit management companies a good idea to eliminate debt?
  1. Reply
    July 20, 2011 at 10:11 am

    Years and years ago, I went through something like this….I went through a debt management program and a man called all my creditors that I listed and tried to get them to lower their rates of interest….most did as they wanted their money…..I then had to cut all my cards and put them in a large glass bowl he had there with others that were cut up….he did all the work really…..I then just paid the debt management agency one payment a month and it went toward my credit cards/loans…..they do all the sorting as to where and who it went to…..I liked it as it was in town and well known and reliable…..It also helped as no creditor ever called as I was paying off just in a different way. Can they call you at work? Sorry about that….I’d go nutty…..I’m not sure how it all worked, but I just did my part and they did theirs……instead of paying 6 different payments, it was just 1……took years to pay off, but have great credit now……just stay local and not over TV or buy into any of that…..this was a Catholic Charity place, but they take anyone and hold meetings on debt management and debt consolidation…..good luck and hope something I said helped…it’s heck to be in debt………

  2. Reply
    Busy Lil Bee
    July 20, 2011 at 11:05 am

    If you are in over your head then and Bankruptcy is NOT an option then these credit management companies will save your sanity! Be sure and go with a reputable company and do not get scammed out of unwarranted fees. Make sure that they are regulated by your State. Your cease and decist letters should put an end to the calls (mail via certified mail for proof of receipt) until your debts are resold to another bottom feeder. You can also demand that they correspond only via mail with you. Years ago I was in the same boat and I mailed out letters to my creditors and the bottom feeders they sent after me; I explained that with my current financial situation I was seriously contemplating Bankruptcy and they backed off – because they would get no compensation with a Bankruptcy discharge. You can use that tactic to your advantage. Just do some research on reputable credit management companies online but stay clear from the credit repair companies – they are bogus. Good luck!

  3. Reply
    Lys C
    July 20, 2011 at 11:31 am

    From my personal experience I would say NO. You can call your CC and negotiate lower interest rates and many have hardship programs that will help you get current with your cards. The problem with the debt mgmt I didn’t know was that the cards all show as closed by credit grantor – they made payments late to the cc and some were even listed as charge offs… I am now trying to repair my credit.

  4. Reply
    July 20, 2011 at 11:32 am

    If you are using a credit mang company then BY LAW after 3 months they can not call you. If they keep on then you can file a law suit with them.

  5. Reply
    July 20, 2011 at 11:48 am

    as you are 15k debt do one thing contact debt management companies and see how much they are able to lower your debt . They will try to negotiate with creditors . most of these companies donot charge fee from person under debt so you can try . for more info visit

  6. Reply
    July 20, 2011 at 12:21 pm

    Most of the calls you receive are automated and their goal is to track what times you answer your phone and keep detailed records of your habits. There is little more you can do, but wait. Only time will heal your situation.

    Its not legal for your debt settlement/ management company to advise you to not answer the creditors calls, but i’m sure that this is the strategy that most people in your position take.

    Good luck with your journey to get out of debt. has some good information and free advice via chat.

  7. Reply
    Sofia K
    July 20, 2011 at 1:03 pm

    There are various debt consolidation programs, which gives you a lot of options. You could either select a paid service or go for the many free services available.

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