February 28th, 2010 | 
Author: I have a lot of debt that I’m having trouble even paying the minimum payments. I get letters in the mail about debt consolidators who will negotiate your debt down and then make all of it into one monthly payment. Are these scams? Do they really work? Will it hurt me in the long run?
Has anyone had experience with doing this, or a specific debt consolidator? I don’t know what to do or who to go to?
It will just end up costing you more in the long run.
Posted in debt consolidators
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You can do this yourself.
There are books in the library that will teach you how to negotiate with these creditors.
They will also teach you how to settle, or reduce interest rates.
Many, many tricks.
If you are way in over your head, consider going to your local non profit agency for consumer credit councelling.
NFCC.org to find a location near you.
They will put you under the DMP program that could reduce your interest rates or your payments or both.
No charge to you.
Run and run away fast if you come accross a company with the words negotiation or settlment company.
These will ruin your credit and you can easily end up in court anyway.
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It will just end up costing you more in the long run.
References :