TSNBDSC Posted January 4, 2005 Share Posted January 4, 2005 ... suggestions please ... so many out there ! ... have checked out "Debt Wave" ... tom Link to comment Share on other sites More sharing options...
DC Tom Posted January 4, 2005 Share Posted January 4, 2005 ... suggestions please ... so many out there ! ... have checked out "Debt Wave" ... tom 191711[/snapback] Yeah...avoid Ameridebt and their ilk like the plague. They're "non-profit" fronts that funnel "administrative fees" into back-end for-profit "office management" companies...that are usually not only subsidiaries of the "non-profit", but in Ameridebt's case was actually co-located in the same offices. Basically...if a debt consolidation company is HQ'd in Maryland or Florida, don't even give it a thought. MD and FL have extremely weak consumer protection laws when it comes to debt consolidation companies. Other than that...spend less than you make, and pay down your debt with the difference. It's the only plan I've ever seen work... Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 4, 2005 Share Posted January 4, 2005 Other than that...spend less than you make, and pay down your debt with the difference. It's the only plan I've ever seen work... 191728[/snapback] That's it in a nutshell. No company can do for you what you can already do for yourself. Link to comment Share on other sites More sharing options...
Steven in MD Posted January 4, 2005 Share Posted January 4, 2005 Do you have equity in your home that you can use to consolidate debt at a much lower interest rate? Always pay down higher interest rate loans first. How much debt do you need to consolidate? Most debt consolidator just give you a new loan with a higher than prime interest rate, but lower than credit card companies. Avoid them ALL. Link to comment Share on other sites More sharing options...
Buftex Posted January 4, 2005 Share Posted January 4, 2005 That's it in a nutshell. No company can do for you what you can already do for yourself. 191740[/snapback] A nice sentiment, but not necessarily true. It all depends how much debt you have. I did debt consolidation a few years ago, and it was the best move I ever made. I was about 11,000 in credit card debt, and could not make any headway. I shopped around, and had a number of them asses my situation, and let me know what they could/would do for me. The general conscensus was that at the rate I was paying my cards off, even if I never charged another dime on any of them, it would have taken me a minemum of 23 years to pay them off, and I would have paid far more than I had ever charged, when all the interest rates (which can fluctuate drastically, if you are in debt, they rarely swing in your favor!). In the end, I chose Lighthouse Credit. It was not a non-profit (I didn't trust any of those, their language was too murkey for my pea-brain), and I am not even sure it is still around. Anyway, long story short, in the end, I had to dig in deep, live on no-credit for 4 years (picked up a second part time job) but got all my credit cards payed off in 4 years, and saved about $13,000 in the end. It was well worth it. My situation was created partly by a mis-spent youth, and compounded by a jobless period for me and my girlfriend at the time. I was getting very stressed out by being in debt, and was someone who always payed my bills on time. Now, about 4 years later, I am debt free, and learned how to live without credit. It was very liberating. If I hadn't done the debt consolidation, I would no doubt, still be paying off those same credit card debts. Those debt consolidation companies, at least the reputable ones, have clout with debtors that no individual consumer (particularly one whose debt is beyond their means) could ever have. Once you owe them, they own you...ignore the "tough love" of LA, and do yourself a favor. Debt consolidation is the best thing I ever did for myself. I never wanted to file for bankruptcy, because it seemed the "thing to do" at the time. I was in debt, but knew I could pay it off, if it didn't keep getting bigger. I absolutely wanted to pay off my debt, which I likely already had in reality, and was sick of my interest rates getting jacked up all the time. It is a never ending funnel if you make a modest salary. Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 4, 2005 Share Posted January 4, 2005 A nice sentiment, but not necessarily true. It all depends how much debt you have. I did debt consolidation a few years ago, and it was the best move I ever made. I was about 11,000 in credit card debt, and could not make any headway. I shopped around, and had a number of them asses my situation, and let me know what they could/would do for me. The general conscensus was that at the rate I was paying my cards off, even if I never charged another dime on any of them, it would have taken me a minemum of 23 years to pay them off, and I would have paid far more than I had ever charged, when all the interest rates (which can fluctuate drastically, if you are in debt, they rarely swing in your favor!). In the end, I chose Lighthouse Credit. It was not a non-profit (I didn't trust any of those, their language was too murkey for my pea-brain), and I am not even sure it is still around. Anyway, long story short, in the end, I had to dig in deep, live on no-credit for 4 years (picked up a second part time job) but got all my credit cards payed off in 4 years, and saved about $13,000 in the end. It was well worth it. My situation was created partly by a mis-spent youth, and compounded by a jobless period for me and my girlfriend at the time. I was getting very stressed out by being in debt, and was someone who always payed my bills on time. Now, about 4 years later, I am debt free, and learned how to live without credit. It was very liberating. If I hadn't done the debt consolidation, I would no doubt, still be paying off those same credit card debts. Those debt consolidation companies, at least the reputable ones, have clout with debtors that no individual consumer (particularly one whose debt is beyond their means) could ever have. Once you owe them, they own you...ignore the "tough love" of LA, and do yourself a favor. Debt consolidation is the best thing I ever did for myself. I never wanted to file for bankruptcy, because it seemed the "thing to do" at the time. I was in debt, but knew I could pay it off, if it didn't keep getting bigger. I absolutely wanted to pay off my debt, which I likely already had in reality, and was sick of my interest rates getting jacked up all the time. It is a never ending funnel if you make a modest salary. 191815[/snapback] First of all, you should be proud of your accomplishment because it is very difficult to do. It doesn't matter how you did it. You did it, and being debt-free is the greatest feeling in the world. But unless the company you chose loaned you money at a low interest rate, then I'm not sure what you did with them that you couldn't do on your own. You stopped using your cards. You got a second job. You likely paid more on the card with higher rate first, and when that was paid off, you applied those payments to the next card in line. Four years later, you're debt free because of your own actions. I'm not sure why you needed a company to help you do that unless, like I said, they loaned you money to pay off everything. And even THAT is tough, because once you pay off the cards, a lot of people suddenly realize their cards are empty and can buy more stuff. None of this should take away from your accomplishment. This world is built to get you to spend money you don't have. Avoiding that is, to me, the single smartest financial move anyone can make next to buying a house. Link to comment Share on other sites More sharing options...
Just Jack Posted January 4, 2005 Share Posted January 4, 2005 Check out this site.... Debt Advice Also, someone here posted a while ago about how they reduced their debt by paying miminums on some cards/loans and more on the higher interest rate ones. Then when that was paid off, taking that money and putting to the next hightest interest rate debt. Maybe they'll repost it here. Link to comment Share on other sites More sharing options...
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