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Re: 3 Myths About Debt Consolidation Companies

debt11 — Sat, 07 Feb 2009 07:12:35 -0000

The Christian debt counseling provides full and comprehensive information to their client, along this they bring you Debt consolidation reference program. They focus especial for the financial growth of every individual.

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Re: 3 Myths About Debt Consolidation Companies

Debt Consolidation — Thu, 20 Nov 2008 04:35:11 -0000

Yes I think that you are right with that last paragraph on alternatives to consolidation , but that depends on the person and their lifestyle, i dont think there is one single answer for everybody out there.

Re: 3 Myths About Debt Consolidation Companies

low cost insurance — Thu, 06 Nov 2008 19:05:17 -0000

Yes, the effort is immense. The older you get the more discipline people usually develop. It's the young generation that usually gets in trouble, for the most part.

Re: 3 Myths About Debt Consolidation Companies

low cost auto insurance — Thu, 06 Nov 2008 19:04:20 -0000

I like the idea of having a debt assistance type company to help. Where do you find those?

Re: 3 Myths About Debt Consolidation Companies

low cost auto insurance — Thu, 06 Nov 2008 19:01:59 -0000

Whoever said getting out of debt is easy was never in debt. It takes a huge amount of discipline. But if someone had no discipline when it came to accumulating debt they likely have little to pay it off quickly. Forming a budget and sticking to it is crucial.

Re: 3 Myths About Debt Consolidation Companies

low cost insurance — Fri, 17 Oct 2008 00:11:19 -0000

Your first two points are very accurate. It takes alot of effort to pay off debt.

Re: 3 Myths About Debt Consolidation Companies

John — Fri, 17 Oct 2008 00:10:03 -0000

Getting out of debt requires patience and a committment between spouses, if married. You have to set spending goals. http://www.lowcostaffordabl...

Re: 3 Myths About Debt Consolidation Companies

Debt Reduction — Sun, 05 Oct 2008 10:47:41 -0000

Yes one can do debt consolidation on their own however Debt Reduction is much more trickier. Debt Consolidation is basically getting someone else to manage paying your debtors. You can do by setting up auto pay at your bank.

Re: 3 Myths About Debt Consolidation Companies

Debt Reduction — Thu, 25 Sep 2008 12:24:06 -0000

This post is very informative. There is so much information available on the Internet these days, it is helpful to have some clarification.

Re: 3 Myths About Debt Consolidation Companies

Brian — Wed, 27 Jun 2007 13:48:18 -0000

You're right. A lot of these debt consolidation companies promise more than they can deliver. You'll just end up extending your payments and paying more interest on your debts. So many people get caught in this trap. Plus, your credit cannot be repaired in one swoop.
One way to pay your debts quickly - and restore your credit - is to reduce debt balance. The less you have to pay, the quicker you can settle your debts. You can cut your debt balance in half. For an alternative, go to www.creditsolutions. com.

Re: 3 Myths About Debt Consolidation Companies

Debt Relief — Wed, 13 Jun 2007 14:28:02 -0000

Good article and all of the above points are true, particularly the first two. Although point number 3 is true, the same is also true of a lot of things---like representing yourself in court, filing taxes and much else. Negotiating with creditors is a stressful affair and despite popular conception, there is an art to it. Each creditor has its internal policy toward debt negotiations and a good debt relief company can apply their expertise with individual creditors to save you more money than you would otherwise be able to. I'm with you that debt relief should only be sought out when one is truly overextended, but a blanket rule to "avoid all debt consolidation companies" is too black and white.

The keys: 1) Only seek debt relief when you have exhausted all of your other options (including contacting the creditor yourself) and 2) Do homework on any company you eventually choose (check out their BBB record, Google their name online and see what people are saying about them, etc).

Re: 3 Myths About Debt Consolidation Companies

Fredric — Tue, 12 Jun 2007 19:10:50 -0000

i feel you on that.

i just signed up for bank of america's credit monitoring service. $40.

sends me a quarterly update. emails me if anything drastic changes on credit report.

no fuss. no muss.

Re: 3 Myths About Debt Consolidation Companies

ETS — Tue, 12 Jun 2007 18:36:08 -0000

One of my tricks is you can't have a huge balance if you don't have a high limit. You can decrease your limit.

But Fred, keep checking those online accounts. I do it all day everyday. I was a victim of identity theft, so I'm anal.

Re: 3 Myths About Debt Consolidation Companies

Fredric — Tue, 12 Jun 2007 10:09:00 -0000

a few things that i do that help me keep my debt down...because let's all face it, we all have debt of some kind, even if it's not financial.

1.) american express gold card: you have to pay off the balance in 30 days no matter what. this helps control my spending per month.

2.) never miss a payment, even if its the minimum. nothing can destroy a credit score like one late payment.

3.) be patient, be diligent. institute good practices. even if you can't payoff huge balances, put into practice to automatically pay a credit card through an auto-payment. diligently paying a consistent amount helps. start with minimum + $25.

4.) put money in different accounts. make one of those accounts really hard to get into. i have a bad habit of 'balance-checking'. i constantly log in, check my balances, and think about what i could do with the money. setup a savings account that has a really complicated user/pass, write it down, put in your sock drawer, and setup auto deposits. without being able to check on it, the savings builds up b/c you forget about it.