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I’m currently trying to pay my credit card bill and have had some trouble w/ my job the past few months and trying to get a new job so I haven’t been able to make my credit card payments… my account is now in collections… so my question is that can I work thru a debt consolidation company?? and what would the process be??

6 Thoughts on Debt consolidation question???
  1. Reply
    middle aged and love it
    November 25, 2011 at 12:19 pm

    I would call the actual credit card company and see if they would be willing to accept a repayment plan. I would not go through a debt consolidation company most of the time you end up paying more and you credit is still messed up.

  2. Reply
    golferwhoworks
    November 25, 2011 at 12:26 pm

    Your credit is already burned. So when the collection agency calls you and they will— get a settlement amount in writing first before you send them even 1 $ . The settlement should be somewhere around 60% of what you owe. When you make this offer be prepared to make the payment or payments that you agree to or all bets are off. Once you have completed the pay off then give them 60 days to report it to the credit files. Debt consolidation companies do NOT WORK FOR FREE! you can do this yourself.
    Good luck to you

  3. Reply
    rostau989
    November 25, 2011 at 12:41 pm

    The attached website has some excellent information on debt consolidation companies and how they can help you work through your current situation.

  4. Reply
    Hima K
    November 25, 2011 at 1:14 pm

    I would suggest a debt settlement company instead of a consolidation.

    The main difference is that the debt settlement companies will negotiate with your creditors and reduce your principal debt amount by around 30% to 70% depending on your credit cards and you will be out of debt with in 3-36 months. You can make minimum monthly payments. They will usually negotiate for either less or no interest rates.Debt Seetlement companies work for the benifit of their clients. They will work with law firms and collection agencies too

    Whereas in a debt consolidation, your principal debt will not be reduced. But you will be asked to make minimum monthly payments towards the original balance. Debt Consolidation will work for the benifit of the credit cards companies.

    So,do your research and take a wise dicision.
    Check this website. They helped me out with unsecured debt on my credit cards.

    http://www.debtfreeafterall.com
    Good Luck

  5. Reply
    Alex K
    November 25, 2011 at 2:00 pm

    Debt consolidation simply takes all your outstanding debt and rolls them into one single loan that carries a lower interest rate, so your payments are lower. It doesn’t involve negotiating, you just pay off more expensive debt with cheaper debt.

    You can use the website below to comparison shop and see what lender would give you the best deal

  6. Reply
    mey t
    November 25, 2011 at 2:47 pm

    Yes…

    Ways to Consolidate Debt

    Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster. But the fact remains that debt

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