EASY AND QUICK WAY OUT? LOL

DON’T do debt consolidation. It just moves your debt around. It rolls high interest items AND LOW interest items into the same loan at a mid-range interest rate. It might lower your monthly payments, but that means it will take even LONGER to get out of debt. It also frees up all your lines of credit so you can simply run them up again! Finally, you often have to pay a loan origination fee.

You don’t need anyone to do it for you. All they do is negotiate your debts for you and collect a fee. You can do it yourself!

Call all of them and work out a payment plan and try to get your interest lowered or stopped.

Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.

You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don’t eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.

Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.

Go to the library and get “The Total Money Makeover”. Read it and follow it carefully.

Go check out Dave’s website as well.

You can do the same thing yourself… Negotiating settlements with your creditors without going to a company to do that for you. They will charge you a fee for something you can do yourself… You can always go to Suze Ormans website and look under resources and check out the CCCS program she endorses or if things get really bad you can go to google.com and type in legalhelpers…….I am in the same boat as you.. I did the CCCS and now I went to legalhelpers and after much consideration I decided to do this road… Trying to do the right thing and pay off 40K when creditors keep charging you high interest rates is like spinning and getting no where. These creditors are bloodsuckers with their huge rates, fees and the politicians are investigating them for unfair practices so its not you. It’s them trapping people.

Debt Settlement is great for someone who is close to bankruptcy. Yes you can do it yourself but is it worth it and the real answer is no. Why A good debt settlement company often has agreements with lenders for settlement deals that are not available to you.

You need too do 3 things

1. Look into Consumer Credit Consoling. This reduce your interest rates and gets you debt free in 3 years. Downside it does hurt your credit and often offers know payment relief

2. Debt Settlement it can save you up to 60% and cut your payments in half and have you dent free in 3 years. Downside major impact on your credit during the 3 years in the program

3. Bankruptcy.

Feel free to call or email me with any questions. I own a debt settlement company

Craig Sinclair
Consumers Financial Alliance
888-5-Debt-Pro

I was going to give my 2 cents, but I see that the first answer is from a Ramsey fan too…just discovered him on Fox Business in November…bye bye Suze Orman…

they told me that they can reduce my debts to 15K and wouldn’t mark my credit.
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Total lie……A credit card company is not going to give any current (on time) customer a settlement….Debt settlement firms get you to the point to negotiate a settlement with creditors by deliberately letting your current accounts lapse by multiple months…to put you into a position to negotiate settlements. This will WRECK your credit….and you’ll get tons of “nice” phone calls from collectors.

First off, there is no quick and easy way to get out of debt. If there was, we would all be debt free! Settlement/Negotiations can be a good solution or alternative to people facing bankruptcy. The only way to be offered a settlement, is if the account is seriously deliquent, been closed and is in the last stages of collections. However, doing so definitely affects your credit ratings. You might want to try and negotiate a better interest rate, or look at taking a consolidation loan, this doesnt get you out of debt, but may signifigantly lower your monthly payments as well as the interest rate.

You have many issues here. You ultimately are responsible for what has been created and you will be responsible for any settlements made. People that have low credit scores are often those that ignore what is there or fail to respond. Everyone likes to get paid, creditors included. You must be careful when searching out credit fixing companies, etc. as Congress has passed legislation that they must be licensed. If you settle a debt for “less than full balance” that will likely show up on your report, but it’s much better than judgements or collections. Always remember that an attorney experienced in these matters will be your best friend. You must take action to resolve everything. Once it’s finished, re-establish credit through secured accounts or whatever. In the credit world it’s the recent stuff that counts the most.

There is no magic bullet to clear one of their debts. If an agency states they can reduce your debt, then all it means is that they will get your creditors to settle for less, charge you a big fee, and it will wreck your credit history for a long time.

Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of
your score, sometimes by removing accurate information that will reappear later.

Now on the other hand, a credit counselor can help you to avoid going into default and is some cases there is no fee. They will research your situation and advise you on what is best.

Here is a link to organizations recognized as being legitimate and approved by the FTC and Bankruptcy Courts.

Govt approved credit counseling agencies.

Hope this helps you out.