Debt Consolidation can Ruin Your Credit


Yes, Debt Cosolidation isn't a good idea and I'll tell you why. I've done research of my own and found out some disturbing information.

You've seen those long drawn out commercials full of promises to get you ouy of debt. They use words like "non-profit" and "conseling". To get you suckered in, then they got you. You call and you have 5 bills that are overdue. Remember the words "non-profit", okay now they want you to give them the account numbers and creditor names that you owe the balances. You do that and here comes the fees!

Didn't they say non-profit? Yeah right! They may charge 5.00 per account or a flat rate of 39.95 a month. Thats $480 a year, don't forget that they draw your payments out as long as possible. I mean were do you think these "non-profit" companies get their funding from?

Your looking at $1440.00 in three years. To add to that the consolidators even earn about a 10-15% commision from the creditors. You thought they were on your side...Not! That's not all, when the consolidators call your creditors they close your account. Not do you think your credit score will go up or down? Down more than likely. They also only negotiate the interest you owe not the actual balance. Debt consolidation in my opinion is a "RIP OFF".

You can do better doing it youself. You can and will if you visit http://jensgirlsonly.com/creditsecrets4you/home.htm. Sign up a FREE newsletter to get more credit help, tips and secrets like this one.

Jen at Credit secrets for youWebsite:http://jensgirlsonly.com/creditsecrets4you/home.htm

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Debt Consolidation Information:

Related Articles

Reducing Credit Card Debt
One of the easiest "things" that can happen in life is the ratcheting up of a large credit card debt. For whatever reason, making purchases with credit cards seems easier than spending cash to obtain a product or service.
Private Student Loans - Dispelling The Myths
Private Student Loans - dispelling the mythsIf savings, grants, scholarships, and federal loans don't cover the cost of your education, it's time to turn to private loans. But young college students can't qualify for a private loan, can they? Wrong! This article addresses this and other myths about student loans that you may run into.
7 Ways to Consolidate Your Debt
If you are in debt, you have several options available to you in your quest to consolidate your balances and thereby reducing your monthly payments or paying off your loan faster. Let's look at 7 of the most popular and effective ways for you to consolidate your debt.
Debt Relief From Debt Consolidation
If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth.
Reducing Debt Through Lower Interest Loans
It happens to the majority of us, credit card debt accumulates and before we quite realize it, we are carrying a debt load that is far beyond our means. When this happens, we need to take immediate positive steps to knock down the debt as quickly as possible.
Debt consolidation - More Options for Reducing Credit Card Costs
Borrowing money against your credit cards has always been among the most expensive ways to borrow money, and when you fail to pay your bill in full each month, borrowing is exactly what you're doing. You're not alone; the average American household now carries more than $8000 in credit card debt.
Pay Off Debt Now: 5 Steps To Getting Your Finances in Order
In our world of dizzying change, nothing is more true than the time honored statement that circumstances always change.No where is this more true than with financial issues.
Credit Card Blues
For the average American family, debt, and especially credit card debt is spiraling out of control at a record pace. The average household credit card debt has risen dramatically from $3000 in 1990 to over $8000 today.
4 Debt Reduction Tips
If you are overwhelmed by debt, there are options you can take that will help you pay off what you owe without the stigma of filing for bankruptcy. We'll examine four ways you can get your debt under control and start working back on the road to financial recovery.
Overwhelmed By Student Loan Debt? Consider a Consolidate Student Loan
A consolidate student loan is the perfect solution for people who need help managing their debt. If you have several different loan payments but want to make only one payment per month, you should apply for a Federal Consolidation Loan.
Debt Management - How a Debt Consolidator Can Reduce Your Debt
A Debt consolidation program starts with evaluating your financial situation. This process involves an in depth analysis of your financial standing.
Debt Consolidation - Discipline is Required if Consolidating with Home Equity
Debt consolidation is a popular topic these days. The average American carries nearly $10,000 in credit card debt and credit card debt of $100,000 is not all that unusual.
Credit Counseling - Get in Line Now to Avoid the Upcoming Rush
Credit counseling is a valuable service for consumers who have trouble managing their finances. A distinctly different service from debt consolidation, credit counseling assists consumers with problem debt by educating them about the basics of money management.
How To Get Rid Of Debt Problems Step 2 -- How To Prepare A Financial Statement
Here is how to prepare a financial statement, for the purpose ofnegotiating reduced payments with your creditors.Secured/Unsecured debts.
Getting a Better Consolidation Loan Secured
If you're looking for the best way to reduce the number of payments you have to make each month, you might want to consider a consolidation loan secured.By getting a consolidation loan secured, you can combine other loans, bills, or debts into a single monthly payment while getting a low interest rate by securing the loan with some form of collateral such as an automobile or real estate holding.
Online Debt Consolidation - Devising Newer Ways for Changing Consumer Trends
Consumers today are getting wiser by the day. They are educated and enlightened.
Debt Consolidation Solutions
Millions of Americans are finding it hard to pay their bills and dig themselves out of debt. Many are turning to debt consolidation for help.
Debt Consolidation Solution
Debt Consolidation is a solution that solves your debts. Debt is a financial hazard.
Online Debt Consolidation Services - Lower Your Monthly Payments Now
Consumers looking for a way out of debt may want to consider the services of a debt consolidation firm. If you are spending more money than you can reasonably afford each month on paying credit card bills, medical bills, or other types of unsecured debt, a debt consolidation firm may be able to help you become debt free much faster than you ever expected.
Debt Consolidation - Consolidate Your Student Loans Now!
The Federal student loan program has benefited thousands of college students in the forty years since it was introduced. Interest rates for the program have historically been quite competitive, and the program has allowed many people to acquire a college education who otherwise might not have been able to afford one.