What is the benefit of using debt consolidation for credit card debt? ?
Nik asked:
What is the benefit of using debt consolidation for credit card debt? I am trying to decide to either call the credit card companies myself and negotiate for a lower payoff/settlement amount, or to use a debt consolidation company? If I negotiate with the credit cards directly, will that be considered a charge off? I would want to settle myself if I can to avoid paying all the months of high interest. But if I use debt consolidation, then they will charge me a fee every month for so many years? What is their purpose? What would be the best route to go financially?
Kurt
What is the benefit of using debt consolidation for credit card debt? I am trying to decide to either call the credit card companies myself and negotiate for a lower payoff/settlement amount, or to use a debt consolidation company? If I negotiate with the credit cards directly, will that be considered a charge off? I would want to settle myself if I can to avoid paying all the months of high interest. But if I use debt consolidation, then they will charge me a fee every month for so many years? What is their purpose? What would be the best route to go financially?
Kurt
June 29th, 2009 at 8:06 pm
The costsfees would be you have deal in place with someone to actually pay down your debt you.
The cc companies feel better payment plan or bank you could also the credit counseling is that consumer credit union or bank you are working with someone to look around and have deal in place with the credit counseling is good luck.
June 30th, 2009 at 7:02 pm
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July 4th, 2009 at 1:00 am
The benefit is that you can do yourself.