How good are those debt management companies?

Tips and Deals Forums Debt Management How good are those debt management companies?

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    • #204568
      Anonymous
      Inactive

      I have managed to rack up a good amount of credit card debt and with my income, am not going to be able to pay it off for years. I keep hearing about these non profit debt management companies, who offer to consolidate and settle your debt, so you owe less. I’ve even looked them up on BBB and found that some of them have great ratings, and others essentially take your money and run.

      So I guess my question is, how good are these companies at doing what they promise, and will doing this mess up your credit (as I’ve heard they typically close your accounts)?

      Thanks.

    • #260000

      I almost started doing Care One, and I the collection calls became worse and I spoke with a a friend who had said that two monthes had went by and nothing changed so I opted out. Your best bet, pick up another job, cut the cards and pay your smallest cards off first and then the larger ones. Good Luck
      PS You may be able to get your cards to lower interest rates if you are payng on time

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