Debt Consolidation Agencies
May 4th, 2009 | 
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Are Debt Consolidation Agency’s a good idea to help lower debt?
Between my husband and i we have about 12 credit cards. I know, i know we shouldn’t have gotten ourselves in this mess to begin with.
We are 22 years old, I have a steady well paying job and he is in the military. We do not have creditors calling yet, but we are struggling to pay the minimum payments. 1 of his credit cards did get recently charged off.
I tried shopping for Debt Consolidation Agency’s and the one i looked into was going to charge us a $2,750 service fee! Is this normal?
Our total debt in Credit Cards alone is appox. $18,000 (not including car payments, household bills etc.)
HELP!!! If not a Debt Consolidation Agency, then what? And if i go with a Consolidation Agency will it affect my credit?
You don’t have to go to a debt consolidation agency. You can try one of the banks or financial service companies too.
There is one company out there that analyzes your debt and see if you qualify to consolidate through them for free. If you qualify with them, the cost to consolidate or refinance is included with the loan. When you consolidate your debt into one monthly payment, usually the monthly payment is lower. This means, you saved some money.
But the company doesn’t stop there. They show you how to get smart with the savings. They use some of your saving and apply it to the principal and the rest of your savings is invested in mutual funds. By adding more principal to the payment, this will get you out of debt sooner. The program has a free bi-weekly payment option as well. Paying bi-weekly will get you out of debt even sooner than just paying monthly.
Fees associated with consolidating debt or refinancing usually cost a couple thousand dollars. There is so much fees involved to do it. Its like you buying your first home and there are fees involved in getting that mortgage.
Mc Scammer Debt Consolidation Agency Call Now!!!
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