Reduce Your Debt

what does credit card consolidation do to your credit?

I see these ads where they can reduce Your Debt and payments by up to 60%.
what would this do to your credit rating? is it for real? How does it work?

Most of these companies pressure your creditors into settling for less money by stopping payment. The amount they “reduce” your debt is usually the late fees and penalties(that they caused by not paying your bills). It will ruin your credit rating and you could potentially wind up in court if the creditors choose to sue.

Most of these are scams that make a living off of you being in debt. Look for a not for profit company that has no incentive to keep you in debt. You could also try to negotiate a settlement yourself. If you must go this route then research the company very carefully. If they have tons of money to spend on advertising they had to get it from somewhere. Given their business, it is likely a profit they made off of people in your situation.

If you can’t afford to pay your bills in full then your credit rating should be bad. Would you loan money to someone who couldn’t pay the bill they currently have? Would you be happy if you made a loan and they wanted 60% off of the payback?

Be very careful in dealing with these companies, do your homework on the companies, do some research on settling your Debts on your own, read the fair debt collection practices act…

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