PostHeaderIcon What are some good debt consolidation companies if you’re about 15k debt?

need one to consolidate 3 credit cards and keep the interest rate low…….. i have no idea who to go to, or what companies have the best track records… any suggestions would be greatly appreciated thanks!

2 Responses to “What are some good debt consolidation companies if you’re about 15k debt?”

  • CatDad says:

    “Debt consolidation” can refer to two completely different things: The first is getting a loan to pay off all debts to consolidate your bills into one lower payment. If you do this, go through a local bank that you know and trust. Stay away from online firms. You need to have good credit to get this type of loan.

    Debt consolidation also refers to a risky practice of debt settlement: deliberately defaulting on your credit cards to try to force your creditors to settle for less. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating. You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

    Another option may be to enter a debt management plan through a non profit credit counseling firm like CCCS. They can negotiate reduced payments and interest but NOT settlements. Use this site for a referral:

  • Peter says:

    There are many programs, but in order to choose the best one, some more information is needed.
    With the right combination, you can even reduce that debt in a great amount. But, to get there some analysis is needed.
    I’m thinking you could get a preliminary analysis from a specialist company, and then take that as a starting point.

    Enter here for detailed advice on how to proceed:

    Once they give you a recommendation, post back another question so the community can help you research if those options are really the best.

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